Foreclosure rate drops 41%... Bank owned inventory up 19% in the Coachella Valley

So what's the real story, is the market getting better or is the market getting worse? Neither. Reading between the lines it is evident that the foreclosure rate is dipping (of course still very high) which is a good sign for the real estate market and a good sign for people and families across the Coachella Valley... but this by no means an indication we are out of the woods yet, just on the right track.

Banks still have pent up inventory that will continue to SLOWLY but SURELY be released to the market. In the entry level to mid level market (under $300k), the Palm Desert area currently has enough demand to absorb this increased inventory. Today, we continue to see multiple offers on WELL PRICED properties and buyers are still having a hard time getting an offer accepted on a home on their first, second or even their third offer... continually being beat out by competition (often times investor's with CASH). Because of this, the increase in inventory to the Coachella Valley would be welcomed by home buyers and I feel would have little to no effect on pricing.

So what does this mean?... in the entry to mid level market we are at a point where the market is neither getting better nor worse, we are just where we are at, and how long we will be here... who knows. Now the high end of the market, thats another story...

Check out the whole story in the The Desert Sun.