Palm Springs Valley Foreclosure rate DOWN 13% for August!

Palm Springs Valley Foreclosure rate DOWN 13% for August. Wow! Our Local paper, The Desert Sun, reports that August of 2011 sw mortgage default notices, bank repossessions and foreclosure autcions fall 16.3% compared to the same month a year ago..all the way across the Coachella Valley!

This is fantastic because we were hit almost as hard as Las Vegas and Florida in this housing crisis. Land here was cheap, and the developers/builders churned the homes out from 2001-2006.

Bank owned and Short Sales dropped to 54 percent of all sales compared to 62 percent in August 2010. In the condo world, 42% of sales were bank owned or Short Sales in August, down from 49% in 2010. The Valley's inventory has dropped as well and foreclosure filings themselves have dropped by double-digit figures. Sweet!

Now here's the catch...NOD's jumped 33% from July to August 2011. Not a good thing because NOD's as wel know, are 90 day late "Notices of Default". Missing payments.

Why??? I do Short Sales, and I definately have seen the Lenders responding better to getting them approved..this is one reason for the Foreclosure numbers falling. Another is that some lucky people are getting loan mods, but I also wonder if the Lenders are holding back empty, abandoned, family less homes???

Still..glad August numbers were down here in the Palm Springs Valley of California.