July 2010 Foreclosure stats

It’s never good to hear about home foreclosures, but there appears to be a positive trend starting to take hold in the Coachella Valley and Palm Springs real estate market.

According to a recent study by RealtyTrac, which measures home foreclosures nationwide, the number of Coachella Valley homeowners forced into foreclosure dropped by about 41 percent in the first half of 2010 compared to the same period last year.

Although home foreclosures have fallen, home auctions rose 13.1 percent, and the volume of bank-owned properties rose about 19 percent, according to RealtyTrac.

“It seems to be showing the (foreclosure) pipeline is slowing down,” said Darin Blomquist, spokesman for RealtyTrac in a recent article in the Desert Sun. “On the other hand, you have the later stages of foreclosure still increasing.”

According to the RealtyTrac study, overall foreclosure numbers including defaults, auctions and bank-owned properties, dropped to 10,562 in the valley from January through June of this year, down from 12,007 during the first half of 2009.

Some economists, appraisers and real estate agents estimate there could be up to two to three years of foreclosed inventory in the valley market.

In addition to foreclosures and short sales, home auctions are attracting real estate buyers to the area. Bank of America and Irvine-based REDC auctioned 102 bank-owned homes late last month.

One of the upsides to the current Palm Spring real estate market is that homes are becoming more affordable to prospective buyers and there are many Palm Springs mid century homes for sale right now. If you’re interested in buying or selling property in Palm Springs or the Coachella Valley area, Contact Patrick-Stewart Properties today.