As the heat turns on not all is quiet in the desert. Read below for more info.
Foreclosure filings fell nearly 70% year over year in June. As the number of bank owned properties, short sales continue to decline home prices continue to rise.
Last month distressed homes sales accounted for only 15% compared to 35% the same month one year ago. Distressed condo sales accounted for only 10% of sales compared to 23% one year ago.
So what does this mean?
Home prices are up, Lots have been selling to developers and spec builders. Previously defunct land with maps that stood vacant for years are beginning to have new homes built on them.
Developments with some homes already in are now being finished off, etc. The valley in general is showing signs of marketed improvement with a new Four Seasons hotel going in Rancho Mirage, Hard Rock in Palm Springs up, higher end grocery stores and more upscale shops every month.
This should make the winter polo capital of the west even more appealing! Call me for more info or to make an investment!