What??? This doesn’t make sense when you read the Palm Springs Valley Foreclosure numbers. Since October of 2010, Foreclosure Filings in the Palm Springs Valley and La Quinta area have actually declined approximately 32%. So, why would two of the most expensive cities in the desert show increases in their Foreclosure numbers?
Actually, it makes sense. The pricier, more stable, built-out areas have held up better than the newer cities that saw so much building during the building craze that hit 2002-2006. Therefore..the older, settled, and yes, wealthy cities of Rancho Mirage and Indian Wells were the only 2 cities that showed increased Foreclosure numbers.
Indian Wells: Foreclosure filings were UP 85%. But, that means only 13 homes total.
Rancho MIrage: Foreclosure filings were UP 36%. A total of 64 homes total.
La Quinta filings were down 35%, Indio was down 10%, Palm Desert down 24% and Palm Springs down 50% in total Foreclosure filings.
Reduced Foreclosures, but…an increase in NOD’s (Notice of Defaualts}. That means that Short Sales and Foreclosures will most likely be around for a few more years, despite the 12 month declind of about 32% from last years numbers. Still great buys in all the Palm Springs Valley!