| Foreclosures | NOD's * | Inventory ** Single Family |
Condos | |
|---|---|---|---|---|
| Zip Code 92234 |
254 | 206 | 220 72 |
62 55 |
The area north of Ramon has 220 homes and 62 condos currently active in the Multiple Listing Service. The area south of Ramon has 72 homes and 55 condos available.
In the southern part of Cathedral City, there is a large amount of multi-family properties…most of which are duplexes, triplexes and four plexes. In the last three months many more of the multi-family buildings are coming on the market as REO (bank owned) properties. Prices have fallen at least 40% in the last twelve months, making many owners “underwater” or having loans that far exceed the value of the units.
It is truly unbelievable that duplexes that sold for in the high 400’s two to three years ago are now selling for $200,000! Rents are falling as a result of unemployment issues but not as drastically as prices have decreased.
The observations represented are my opinions only, based on experience and working in the desert area for many years.
Foreclosure stats have been obtained from www.foreclosure.com. Inventory stats are from the Desert Area MLS.
* Notice of Default filed.
** Inventory is defined as properties currently listed for sale in the local multiple listing service. A large number of these properties are foreclosure properties, also known as Bank REO.
Hi, I'm Jeannie. For over 25 years I've helped investors make money in markets both good and bad. 
