Skip to main content

Foreclosure Filings On The Rise

By
Jenell Fontes
Could this be true and here I am with two REO Listings? Foreclosure filings are on the rise!  How will this affect your homes value?  A  new housing report shows that a stream of new homes entered foreclosure in August as a backlog of delayed bank repossessions trickled into the desert market.

 There were 240 foreclosure filings across the Coachella Valley in August, up 10.6% from July, according to RealtyTrac, a real estate information services firm based in Irvine. Foreclosure activity increased 27% from last August.

 California foreclosures follow three steps: notices of default, scheduled public auctions and finally bank repossessions, if the owner fails to pay what is owed during default. These are called REO, or real estate owned, sales."
REO 1189 N Rose Ave Palm Springs, CA 92262
Just because a home is in the foreclosure process does not mean that it will be on the market as a foreclosed home. The banks are working with homeowners for loan modifications and short sales. Only a small percentage of homes are actually foreclosed. Once they are foreclosed the bank seems to be dragging their feet to put the homes on the market. In many cases they are doing all their own rehab and taking the profit margin off the table for investors. Finding a deal to flip for profit is like finding the Holy Grail. My investors still working this business model have seen their profits shrink from 30-35% in 2011-2012 to 10-15% today. They are now trying to make the difference up in volume.
REO 71845 Eleanora Rancho Mirage, CA 92270
The numbers tell us we are clearly in a recovery mode, but it's still a slippery slope that could be derailed by the slightest economic change. The good news is that Americans still want to own their own home and consumer optimism is very much on the rise.  If you are interested in buying or selling your home call me and I'll help you ask the right questions and find the right data to help you make a decision that fits your life and expands your financial portfolio. (760) 831-4126

Thanks to Dominique Fong for this great article about valley foreclosures in The Desert Sun: http://desert.sn/1BA2OUq

See a detailed report of my REO listings pictured above here: http://bit.ly/1sNnPwg

www.jenellfontes.com

Comments

Post a Comment

Popular posts from this blog

Low Inventory, Rising Tides

By
Now if you have been paying attention to the Coachella Valley something peculiar has been happening, it is explainable but it exemplifies a larger problem in our current real estate market. Today there are approximately 650 active properties on the market as of February 2022. Around this same time last year, there were over 2,000 active properties on the market. Now to make it clear the typical  inventory  of the Coachella Valley is usually somewhere between 4-5,000 units. Currently this is a clear identifier demand is extremely high, but how long can that last as supply remains so  low . As interest rates continue to rise there is going to be a decrease in buyer demand, and we can already see that as the average days on market increases. This past year we saw houses being sold within hours of being posted on the MLS, multiple bids above asking price, and the sheer force of movement that has filled up the valley with transplants and former city-sl...
Post a Comment
Read more

Want to go Surfing in the Desert?

By
Talus is a NEW residential Development that you might want to know more about because this project is changing the face of property development for the Coachella Valley! For those of you that have recently driven on Avenue 52 or Jefferson on their way to PGA, Tradition or Griffin Ranch, you may have noticed a new sign on the way that reads "Talus." You might be asking yourself what is Talus? Or maybe you already googled it, or heard some people at the office or the gym talking about it. But I want to discuss the implications of this enterprising project for the surrounding neighborhood, and I think we should go over it together. Talus is a brand new resort experience developing in our backyard! This project includes hotels, The Montage and Pendry, two notable luxury brands that will be hosting the resort-styled hotels, private branded residences, a new restaurant, spa facility, conference center, club house, and more! The first part of the project should be finished by mid 20...
Post a Comment
Read more

NFT's and Real Estate!

By
NFTs and Real Estate! Today I want to discuss a topic I have seen buzzing through the headlines for the past year, but hasn't exactly been explained in a way that I have been able to really understand or realize the importance of. That's right! We're going to talk about NFTs in Real Estate, how they relate to the industry now, in the future, and what exactly the technology is thats supposedly going to replace my job! I just read an article about a virtual property, that is a digital 3D image of a home has just sold for over four million dollars in the Sandbox metaverse. That's right, you cannot live in the home, it doesn't have a pool, or a backyard, or any bathrooms! Not ones that you can use anyway, and it sold for well over what most people make in a year, if not several years of earned income and savings. Now, that definitely made me a little bit curious about what's going on with NFTs and how they might play into the real estate market, today and in the fut...
Post a Comment
Read more