Jeannie Niles Real Estate Investment
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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 |
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Income property has once again become “Income property”.
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There are many small income properties available in the area. Prices here have declined over 50% since the peak of the market late 2005/early 2007.
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It’s possible to obtain some great apartment financing. 25% down payment and interest rates at 6% or slightly below.
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Cap Rate is an investment tool for analysis that enables an investor to compare one investment to another.
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Cap Rate is the best tool for determining the value of an income property.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
