Palm Desert Distressed Sales Decrease

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Real Estate Agent with Todays Realty & Loan Solutions - One Stop and You Are Home

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%   

 

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