Skip to main content

Foreclosure Filings On The Rise

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

Popular posts from this blog

Millennials And The Coachella Valley Real Estate Market

Jenell Fontes The Millennials are coming into the Real Estate market and what does that mean for a market like the Coachella Valley? In the next few years at least $16 trillion of ultra-high net worth (UHNW) individual’s wealth will be passed on to the next generation over this period, spawning a new crop of multimillionaires, the Wealth-X and NFP according to the Family Wealth Transfers Report “As self-made UHNW baby boomers start passing on their wealth to their children, the importance of entrepreneurship and hard work will be put to the test,” the report said.  One of the largest beneficiaries of the wealth will be the the Millennials and they are not buying the larger country club properties that make up the bulk of the Valleys Luxury listing inventory. Millennials are looking at walkability scores, energy efficiency, Smart homes and provide a comfortably Chic lifestyle. Millennials want location, location, location, less maintenance and smaller homes with less out...

Want to go Surfing in the Desert?

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...

The Tiny House Movement

Jenell Fontes Are the days of the” McMansions” and the prestige of owning the biggest house on the block over?   What about overextended family finances and conspicuous consumption… are they too becoming a thing of the past?   Enter the Tiny House movement…   With international attention on CNN, Guardian, Huffington Post, NBC, Oprah and PBS, the Tiny Home movement may be more than just a trend. What is a Tiny House? Ranging in size from an efficient 160 square feet to a spacious 500 squarefeet, Tiny Houses, or Small Houses, are really more of a social movement, where people are downsizing the space that they live in. The goal of living in one, advocates claim, is a simpler life. To be out of debt, living within your means, and enjoying your job. People are joining this movement for many reasons, for some it is a reality of the recent housing recession, financial and even environmental concerns… but for many, to just find more time and freedom.   Regardl...