Monday, July 20, 2009

By Rob Zwemmer

www.DesertRealEstatePrices.com

 

Good Monday Morning
110°F | 83°F


Foreclosures in the Palm Springs area up 68 percent

The number of foreclosure filings here in the desert is up from 7,115 over the same period in 2008.

James Saccacio, chief executive officer of RealtyTrac, said unemployment-related foreclosures now are resposible for much of the increased activity.

I believe these numbers can be misleading because multiple legal notices are filed before a property comes under full possession of a bank. The median home price held at the $181,000 mark as well by the end of May. It offered reprieve from the tumble in April to $174,000.

Luxury homes sales is up 6% from last year, we have seen a  small increase in foreclosures in the luxury market and golf course properties here in the desert. Bank Owned Homes for Sale ! luxury homes and golf course properties  are selling within 48-72 hours, and most of them are selling over asking price.

“While no one can say with certainty that this establishes a trend, it does show that the lower-priced homes here in the desert are selling fast,'' said Greg Berkemer, executive director of the california desert Association of Realtors.“As that continues to happen, the next level will start to sell and push up the median home price.

To receive a complete list of bank owned Homes here in the valley visit:
http://www.DesertBankOwnesHomes.com