PRESS RELEASE

 

Contact:  Rob Zwemmer
                            Keller-Williams Realty
                La Quinta, CA

                760-601-3000

 

 

                www.desertrealestateprices.com

 

 

 by Rob Zwemmer & NAR

 

 

FOR IMMEDIATE RELEASE

 

 

 

HOMEBUYER SALES CONTINUE TO ESCALATE IN Palm Springs, CA AREA

 

Palm Springs, CA—January 18, 2009—Positive news on the desert Real Estate market front with
the stimulus bill featuring:  1) loan limits raised to $727,000 in high cost areas; 2) the tax credit raised to $8,000 with NO payback [a true credit]; 3) interest rates have come down 125-150 basis points;
4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee--driving down interest rates by buying another $200-$300 billion of mortgage paper from the GSES's
thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductibility, Real Estate tax deductibility, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for pet projects).

 

 

“It is a perfect time for homebuyers to move forward with that Palm Springs valley purchase they have been considering,” stated Realtor Rob Zwemmer of Keller-Williams Real Estate in La Quinta. Up-to-the-minute reports indicate January home sales up 16.5 percent in the Palm Springs area compared
to 2008. Year-to-date reports show median home prices fell 53.5 percent and sales rose by 70.1 percent from a year ago.  

 

“The home inventory continues to drop with the increasing sales indicating that the market the desert continues to absorb the homes for sale that home sellers and banks must sell.  Lower home prices widen the opportunity for first-time buyers, investors and seasonal desert residents,” added Mr. Zwemmer.

 

“The number of calls and showings by home buyers on properties we have listed for sale have certainly increased,” he added. “The bank-owned and short sale sale properties are expected to sell steadily for the next four to six months. Distressed properties are making headlines in our local Palm Springs area market and buyers are really taking notice. Steady sales of these properties are a certainty. Prices for these properties range from $200,000 to $500,000 under value.”

 

For up-to-the-minute Palm Springs area property listings and timely Real Estate information, visit: www.DesertRealEstatePrices.com

 

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47170 Washington Street. La Quinta CA 92253 • 760.601.3000 • Fax 760-544-9996 • www.DesertRealEstatePrices.com