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Bank and FHA Properties for Sale Rise; Foreclosures Drop in Coachella

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By : John Cutts    99 or more times read
For the first six months of 2010, the number of homeowners in Coachella Valley, California who are in default declined by more than 40% when compared with the same period of 2009. However, bank owned property volumes rose by 19%, along with FHA properties for sale and other foreclosed properties for sale.

Just like Irvine foreclosure auctions, the valley's house auctions rose by a little over 13% during the period in focus despite declining loan default rates. According to analysts, this could be a sign that foreclosure activity is leveling off and is starting to slow down. However, foreclosures' later stages, like auctions, are still rising so recovery is still not apparent.

Overall activities related to foreclosures, including California house auctions, loan defaults and bank owned structures, declined in Coachella during the January-June 2010 period at a total of 10,562 compared with the same period of 2009 when total foreclosure activities were at 12,007. Along with the slowdown in activity, foreclosed property inventory also diminished, particularly for the $500,000 or lower price range.

Meanwhile, local realtors have reported that bank foreclosures, FHA properties for sale and other foreclosed dwellings in the price range of below $350,000 are being unloaded rapidly by sellers. Although homes priced over $500,000 take some time, there is still marked interest, albeit not as much as in cheaper ranges.

Real estate market analysts have reported that most properties in lists of foreclosed houses got sold faster during the first six months of the year partly because banks have simplified the process of short sales, making the option more attractive to both sellers and buyers. Meanwhile, auctions have also gained the attention of property buyers in the area.

The increased interest in auctions and bank REO owned dwellings have encouraged most realtors as they claim that the foreclosure cycle might be nearing its end. They estimate that the area has at least two years worth of foreclosed property inventory and that despite dropping numbers of notices of defaults, the number of foreclosed residences and FHA properties for sale in the Valley will remain some of the highest in the whole U.S. for the rest of 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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