Distressed Sales Decrease in Palm Desert
Foreclosure rates continue to fall in the Coachella Valley according to RealtyTrac, an Irvine based real estate data provider. Foreclosure rates in the desert have been falling for the past several months – 7 months to be exact which has begun to reduce the inventory of "bargain" sales.
Foreclosures have fallen by 31.5% across the Coachella Valley in October compared to the same month a year ago. There were 1,076 mortgage default notices, bank repossessions and foreclosure auctions filed last month, down from 1,571 in October 2010.
Although year to year numbers are declining, foreclosures and notice of defaults increased from September to October. Notice of defaults for the two months this year were 471 to 569 respectively and foreclosures rose 4.4% in October from September 2011.
The Riverside County area combined with San Bernardino and Ontario is reported to have the 4th highest foreclosure ranking in the nation.
Distressed sales have made Palm Desert and the Coachella Valley a prime spot for investors and second home buyers. Combined with low interest rates, the decline in the real estate market has also helped many full-time residents become first-time homebuyers as affordability for the Coachella Valley is better now than it has been in many years.
Community Zip Code Oct '11 Foreclosures Change from Oct '10
Palm Desert 92211 66 -24.1%
Palm Desert 92260 56 -39.8%
La Quinta 92253 117 -35.4%
Indian Wells 92210 13 +85.7%
Rancho Mirage 92270 64 +36.2%
Palm Springs 92262 86 -55.7%
Palm Springs 92264 58 -24.7%
Cathedral City 92234 137 -25.5%
Indio 92201 157 -10.8%
Indio 92203 93 -51.3%