In nearly every city throughout the Palm Springs Valley, the foreclosure numbers are dropping. This is the report from RealtyTrac, which reported a 21% fall in year over year foreclosure numbers in our Palm Springs Valley. Second quarter foreclosure activity fell 11% compared with first quarter. These numbers are what is driving price/sf UP in many developments here in the Valley.
There has been an uptick in the number of foreclosure filings in June, however. Lenders are taking longer to process foreclosures so perhaps we are going to see more foreclosure relased? This would be a good thing as we have pent up Buyer demand in most of our desert cities..for good deals that is!
Here are the stats. Interesting to note that the 2 cities showing an INCREASE in foreclosures are Indian Wells and Themal. Indian Wells is our wealthiest city and Thermal is one of our most rural cities.
Foreclosure Totals % difference from last year
Indio: 592 -4.8%
Indian Wells: 54 +3.8%
Palm Desert: 280 -2.1%
Cathedral City: 515 -14.6%
La Quinta: 495 -15.7%
Rancho Mirage: 237 -11%
Palm Springs: 371 -21.4%
Thermal: 188 +48% !!!!!
Desert Hot Springs: 468 -10.5%
Thousand Palms: 73 -29.1%
California had a total of 213,988 foreclosure filings which is down 13.1%.