All Posts tagged palm springs valley foreclosures

Number of foreclosures across the Palm Springs Valley fell significantly in July at a rate of 24.5% from July 2011.  A new report shows that this marks 12 months of double-digit declines.  The 753 bank repossessions, notices of default and trustee sale notifications that were issued in July were down from 1,096 issued in July of 2011.

A more limited inventory is available because of this drop in foreclosures for sale.  Prospective buyers are not finding the availability of foreclosures to choose from that they once did.

The sustained drop in repos, trustee sales and default notices doesn’t translate to a drying up of available foreclosures for sale any time soon, according to real estate experts.

The valley here experienced a slight decline of initial default notices last month- there were 335 compared to 344 in July of 2011.

Experts  say that many people are continuing to be challenged with getting banks to offer them loan modifications that would work for them – so they just aren’t paying.  When that happens, the banks issue notices of default, but don’t complete the foreclosure process.  Experts say that the banks are trying to get people to short sale their home rather than go through a full foreclosure.

Short sales and bank-owneds have recently accounted for far fewer of overall home sales than a year or two ago.  Local experts expect more short sales and fewer foreclosures in the coming few years.  They are seeing homeowners who are 20 to 30% underwater receiving loan modifications including principal reductions – but they say homeowners who are 50% or more underwater will short sell, as they will never get enough principal reduction to make keeping their home a viable option.

Contemplating short selling your home?  Then consider using an agent who is knowledgeable and experienced in Short Sales and has a good track record of closing the deals.  Contact Kim Kelly with HK Lane Real Estate – she Lists, Negotiates and CLOSES her deals.  Call her now for a free consultation.  You’ll be glad you did !