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 La Quinta/Indio 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 Realtry trac overall foreclosure numbers including defaults, auctions and bank owned properties dropped to 10,562 in the valley from January-June of this year compared to 12,007 for the same time last year.
Bank of America and REDC auctioned 102 bank owned homes just last month in our valley.
Who are all of the buyers? Well a large portion of buyers are second home/investor buyers. We have seen a large number of Canadians as well as other foreign buyers snapping up deals lately. Of course our American snowbirds have also contributed greatly to the purchases int he valley.
Even better news, we are seeing regular non distressed resale homes coming back on the market and selling! Mind you they are not selling for top dollar but I am very happy to see this.
I am sure we are not done with foreclosuers but is in nice to see some small yet positive changes for our real estate market in the Coachella Valley !
Remember what is good for the real estate economy is good for the polo economy!