The Palm Springs Valley has posted a large drop in overall Foreclosure numbers for the last month of 2011. There are several reasons for this..
1. Holiday Moratoriums by Lenders. This has obviously gone away now.
2. More Loan Mods being appoved. I hope this is true. Should keep Foreclosure Numbers down.
3. Short Sales are being processsed quicker and CLOSED. Should help keep Foreclosure numbers down.
Realty Trac reports that it took an average of 348 days to complete the foreclosure process nationwide. This is up from 336 days in the third quarter and up from 305 days in the fourth quarter of 2011. And we think Short Sales take a bit of time!
PALM SPRINGS VALLEY FORECLOSURE ACTIVITY..BY CITY
La Quinta: Total of 121. Down a whopping 30%
Indian Wells: Total of 11. Down 8%
Palm Desert: 135 Total. Down approx. 15%
Indio: 89 Total. Down 30%
Palm Springs: 180 Total. Down approx. 22%
Rancho Mirage: 66 Total. Down 3%
Thermal: 37 Total. UP 94%
California: 984 Total. Down 20%
Will this trend continue? I can tell you that here in La Quinta and the Palm Springs Valley, there are huge numbers of Buyers. In the past two weeks, I have had Buyers from France, Canada, La Quinta Investors, and Orange County. All were cash, but my Investors are now getting bumped by first time home buyers with cash or loans in place! That's actually driven up the price/sf and we are all THRILLED!
Our winter paradise continues to appeal...
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