Foreclosure Update

I like to keep track of what is going on, which is the reason I do my own basic charting of various data to which I have access. I subscribe to www.foreclosure.com, and count the number of foreclosed properties, as well as properties presently “in foreclosure” where a NOD (Notice of Default) has been recorded.

In ALL areas of the desert the number of bank owned properties* increased, and properties “in foreclosure” DECREASED substantially….in most cases by 50%!!!

The lower priced areas….Desert Hot Springs and Cathedral City had the largest declines. La Quinta had substantial declines as well, but most of those came from the Cove area.

Palm Desert available inventory remained almost identical to a year ago, but that city followed the trend of bank owned properties increasing, and properties in foreclosure decreasing substantially.

Indian Wells, the “Beverly Hills of the Desert” had minimal changes in bank owned properties and NODs, while inventory (number of properties on the market) increased. I attribute this to the number of high end homes in this city. Only in the last 12 months has the sale of luxury homes decreased.

Indian Wells	Foreclosures	NODs	Single Family	Condos
4/13/08	6	26	204	75
3/26/09	10	10	241	100

Desert Hot Springs Zip Code 92240	Foreclosures	NODs	Single Family	Condos
4/13/08	261	614	600	1
3/26/09	371	225	335	2

Desert Hot Springs Zip Code 92241	Foreclosures	NODs	Single Family	Condos
4/13/08	15	61	49	10
3/26/09	29	21	29	10

La Quinta	Foreclosures	NODs	Single Family	Condos
4/13/08	129	329	1096	217
3/26/09	185	156	991	179

Cathedral City	Foreclosures	NODs	Single Family	Condos
4/13/08	152	513	335 103	74 (North) 68 (South)
3/26/09	254	206	220 72	62 (North) 55 (South)

Palm Desert Zip Code 92260	Foreclosures	NODs	Single Family	Condos
4/13/08	41	123	537	502
3/26/09	95	86	531	535

Note: : MLS does not separate by zip code, thus the inventory is combined.

Palm Desert Zip Code 92211	Foreclosures	NODs	Single Family	Condos
4/13/08	31	100
3/26/09	88	58