The Two Sides of the Real Estate Market Of Coachella Valley

As optimists continue to look for any signs of hope for the economy and real estate market, foreclosure problems have only stayed on track over the first of the year in California. Coachella Valley alone has recorded a remarkable 68 percent rise in activity compared to the same time just a year ago.

From January through June there have been a total of 391,611 California properties receive a foreclosure filing and over 12,000 notices of default, auction sales or bank repossessions in the valley. Any hope that the market had begun to turn around has dwindled with the release of these astonishing numbers.

Chief executive officer of RealtyTrac James Saccacio has said that a lot of the increased activity is due to unemployment-related foreclosures. While the real estate market continues to struggle, so to does the job market with hundreds of thousands of people jobless.Although Valley foreclosures are far higher than the rest of the sate of California, this does not mean things are happy go-lucky throughout. However, the valley has seen a fairly consistent flow of activity over the past year.

Many real estate professionals are waiting for properties in higher-income brackets to begin marketing and selling because of stock portfolio and job losses of almost 50 percent. While things are supposed to be looking up, the only number that is going up is the number of houses in foreclosure and those that are bank-owned.The only thing that has turned around for the real estate market is buyers. With so many tremendous deals to choose from, there has been a rise in sales. While there are a number of foreclosures on the market, normal sales have begun to see quite a bit of activity as well. One home in north Palm Springs even sold for $100,000 over its asking price with 24 offers coming in.

What people are finding is when a home is well priced, it is going to sell rather quickly. There are more and more cash buyers every day. Believe it or not, homes are more affordable today than they were dating all the way back to 1988 when this kind of data was first tracked.There is no question the incredible prices there are to choose from has enticed people to buy who otherwise would have not even begun looking. Overall, inventory on the Multiple Listing Service has decreased as more and more buyers are purchasing homes.

The numbers do not lie when it comes to the real estate market. While more and more homes continue to go into foreclosure, the buyer’s market is finally beginning to propel. I guess for now you have to take the good with the bad.