Market Reports

Palm Springs Valley; 13% drop in Foreclosures

By Kimberley Kelly 18 Jan, 2012 La Quinta, Market Reports, Palm Springs

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Palm Springs Valley, saw an overall drop of 13% in the numbers of Foreclosures (month of December).  That’s good news, but may be due to several things which could change.

1.  There was a moratorium in place for the Holidays.  That will end.

2.  Loan Mods are being processed much more efficiently.  That should continue to keep numbers down.

3.  Short Sales are being processed and CLOSED much quicker.  Again..should help keep numbers down.

December Foreclosure numbers in our Valley by City: (Realty Inc. source)

La Quinta:  121 total  Drop of a huge 30%

Indian Wells:  11 total  Drop of 8%

Rancho Mirage:  66 total.  Drop of 3%

Palm Desert:  138 total  Drop of approx. 15%

Palm Springs:  Total of 180  Drop of approx. 23%

Thermal:  37 total  Increase of 37%

Coachella Valley Total:  984  Drop of 13% on average.

On the streets every day as I am (in real estate of course!), I am witnessing a ton of buyers.  I am being outbid on offers that would have flown through just a year ago.  The First time home buyers are now surpassing the Investors in what they will pay/sf and also because they have cash, and loans are available again.  Good news for La Quinta and the Palm Springs Valley!