Rancho Mirage Short Sale Completed

ANOTHER SUCCESSFUL SHORT SALE CLOSING IN RANCHO MIRAGE

Short Sales occur when a seller must sell their home for less than they owe on the loan(s).   There are forms and appraisals and much of the process is like any sale but then you have to submit it all to the bank for approval. This is the part that usually takes the longest. On the one hand you cannot really blame the bank for taking their time in checking everything out. On the other hand many times you feel as though the file is just stuck at the bottom of the pile and no one is doing anything with it at all.  A successful simple short sale typically takes you 3-4 months to complete.

Our Recent Sale of 12 Normandy way.  See other properties for sale in Victoria Falls.

Short Sale help is offered by many people.  You may have even received advertisements in the mail. But here is the Key thing to watch out for. If you have more than one lien on your home about 55-65% of those advertisers won't touch you. The odds are not in their favor. They have a system to process single lien short sales as quickly as they can and get paid. That is perfectly acceptable they have a business model and they follow it. However, that does not help you if you fall outside of their parameters.

Here is where it pays you to find an agent who will both honestly assess your situation and then get to work trying to make it happen. It is not easy but it can be done.  Some Short Sale Services can cost money - working with us is free of charge to the seller.

In the past three years we have completed dozens of short sales but  we have also helped several homeowners with super complicated short sales. One was a property located on Lease land. During the time that the mortgage was falling behind the Homeowners Association bought out the land lease. There was also a second loan on the property. We successfully closed the deal after 2 years of work. The homeowner did not have a foreclosure posted on their credit. Our most current super difficult transaction was in Rancho Mirage CA at Victoria Falls. We hung in there with the homeowner and after almost 18 months we got it closed. Again no foreclosure on the sellers credit.

This particular sale had 2 loans,  HOA liens and city fines plus title problems!  We got to work and straightened it all out. So even if someone tells you your short sale cannot be done - lets us give you a free second opinion.

Short Sale Nightmare Ends After 13 Months With a Successful Closing

This Short  Sale Took a little over 13 months and  we even had to escalate the file all the way to the Presidents office at the Bank to Get it closed.

When you need a team that stands by you in a Short sale Call PSagent at 760-408-5300

4 Bedroom Cathedral City Pool Home

Overview Maps Photos Features Description Neighborhood Market Stats

$182,000 Single Family Home Main Features 4 Bedrooms 2 Full Bathrooms 1 Half Bathroom Interior: 2,216 sqft Lot: 9,583 sqft Year Built: 1987 Location 68745 Tachevah Dr Cathedral City, CA 92234 USA

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Michael Layton Big Block Realty (760) 408-5300 [email protected] http://www.PSagent.com        Listed by: Big Block Realty

Our recent listings South Palm Springs Private Estate | $1,329,000 | Palm Springs, CA Demuth Park Fixer | $319,000 | Palm Springs, CA Gorgeous Fairway Home For Seasonal Rental | $4,200 | Indio, CA Spectacular Shadow Hills Golf Course Home | $529,900 | Indio, CA Country Club Living At The Best Price! | $169,900 | Thousand Palms, CA Subscribe to our listing feed

See more Cathedral City, CA real estate for sale

Simplified FHA Loan Mods Start Today

July 1 2013 a new simplified loan modification process starts for anyone with a Fannie Mae or Freddie Mac Loan. Simplified means that you do not have to go through the process of documenting your income and hardship situation.

First find out if that is you - go to this site and see if your loan is owned by Fannie or Freddie

Fannie Mae Look Up: www.knowyouroptions.com/loanlookup

Freddie Mac Look Up: www.freddiemac.com/mymortgage

Then call your loan servicer and ask for for the the new Streamlined Modification

To participate in this program you must be 90 days delinquent on your loan and you must be able to make the three monthly trial payments after which the loan will be permanently modified.

If you have questions on the short sale or loan modification process please call or email us today. More information can also be found on our website psagent.com

Keeping Your Home Will Get Easier For Some...

Effective July 1st 2013

New options coming for homeowners who want to stay in their homes and avoid Short sales or foreclosures. The key here is your loan must be a Fannie Mae or Freddie Mac backed loan.

Fannie and Freddie will begin implementing sweeping new loan modifications guidelines. Lenders and loan servicers will be required to send a "Streamlined Modification Solicitation Offer" to borrowers who are at least 90 days delinquent and meet the initiative’s eligibility requirements.

See if Freddie Mac Owns Your loan here.
See if Fannie Mae owns your loan here.

It differs from previous efforts: Borrowers will not be required to document their hardship or financial situation, but will be able to accept a “Streamlined Modification Offer” by simply making the trial period payments and agreeing to the terms of the mod.

There are some requirements, one is that you must be 3 months delinquent! I don't really like that but it is the way this program is set up

UPDATE:  

It is 2018 now and these rules have changed. There are many things that will be different. If you live in California please go to this website for more information about keeping your home out of Foreclosure.

Foreclosure Terms Defined

Foreclosed, Foreclosure, In Foreclosure, Bank Owned, REO.....

WHAT DOES IT ALL MEAN? - A Quick Guide

As an active Real Estate agent with a myriad of listing types I field dozens and dozens of phone calls each day from buyers and sellers. The level of confusion out there is staggering! Starting in 2007 when we began to experience a record number of mortgage defaults and with that change came a whole new vocabulary to learn. As a buyer you need to understand what type of property you are looking at.

Know Your Terminology: to try and clarify this issue I submit the following guideline to terms for the buyer on the open market. These are the commonly used terms, at least in the Southern California Market. If you know of another term in your are best check it out with a local trusted resource.

Short Sale: Seller is still in control of the property. Often still living in it. They are looking for an offer so that they can try to get the bank to accept that and release them from the balance of the loan. At any point during your attempt to purchase the property in this way it could fall into foreclosure. Your agent should stay on top of the sellers situation and watch for the filing of any default notices.

In Foreclosure: This is the period after the bank has issued the notice of default and the owner may or may not still be in the property. In California this is a 120 day process from notice of default* to foreclosed. This is the biggest limbo period. Owners may work out something with the bank, have a relative rescue them, ignore everything and let the house go to foreclosure, do a deed in lieu (basically cooperate with handing the house back to the bank to avoid foreclosure) - essentially anything.  Different rules apply depending on what type of mortgage the homeowner had.  As a buyer this is a risky time to be dealing with the owner. They are under a great deal of stress and truthfully anything can happen. In California there are also laws about purchasing any equity the owner may have if you are an investor and not buying it as a primary residence. So caution is the rule of the day.

Foreclosed: This is a home that the bank or an investor now owns. They have completed the foreclosure and they are now the legal owner. The bank typically hires a realtor to list the home and get it sold. However, you may see the home go to another investor for sale or the house may be put in an auction.

Bank owned - REO: Two terms that mean essentially the same thing. The bank or some lender (sometimes a private party) owns the property.

The fastest way to purchase a property is in this stage:  once the bank has foreclosed and they are the owner of record. It may take a little while to get it on the open market but once it is you can typically proceed with a purchase pretty quickly.

Auctions: Many people ask about buying a foreclosure on the courthouse steps. This is still done. As the final step of the foreclosure the bank schedules the auction. Lists are available online or through title companies.  I can't imagine buying a property this way unless you are very certain that the value is there and have some idea of the condition of the property. Some properties receive no bids and the bank sends their representative to the sale and they buy the property back for the amount they foreclosed on - those properties typically come back on the market with a real estate agent.

There are also several large private companies working in a bunch of loose partnerships with the banks. They will get a block of properties and schedule an auction - either on line or at a hotel ballroom or convention center. Usually, they have a preview weekend to go look at the properties and then hold the auction. Be wary of these as often times there is a "Buyer Premium" that can be any amount but typically I see them around $5,000.  If you do not know values in the neighborhoods you are buying the chance of overpaying is very high. I have personally seen properties in my market go to auction and sell for more than they had been listed for the previous month when no savvy local buyer would pay that much.

* The notice of default is the official notice to the homeowner that foreclosure proceedings have begun

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To Read more on Short Sales please visit our Short Sale Page

 Search Homes For Sale In Palm Springs CA 

Is Your Short Sale Legal?

Short sales - selling for less than you actually owe on the mortgage is legal and is very commonplace these days.  However, there are a few pitfalls you will want to avoid. The summation of an article, that originally appeared in the Orange County Register points out a few common scams that are taking place.

Orange County Register: Short sale fraud “heating up,” expert says A panel of short sale experts presenting at CALIFORNIA REALTOR® EXPO 2012 in Anaheim last week said that “fraud is heating up like a wildfire right now ...” and “we’ve got to be aware that this fraud is changing directions, jumping containment lines.”Among the most common forms of fraud are:

Flopping: non-arm’s length transaction, side agreements, and false information.  Scammers arrange to buy a home at an artificially deflated price intending to flip it immediately at its real value.

Non-arm’s length transactions:

The buyer in a short sale is related to the seller by blood, marriage, or some type of business or personal affiliation.  This is typically arranged by an underwater borrower to regain ownership of the property free from the mortgage debt.

Side agreements:

In addition to payments included in a lender’s “approval letter,” the buyer and seller have side agreements to pay off junior liens, short sale negotiators’ fees, or other third-party fees.

False information:

The transaction includes phony details in the closing settlement statement, or HUD-1, to hide buried costs and fees.
Read the full story as printed in the Orange County Register

For more information on Short sales or homes for sale in the Palm Springs area be sure to see PSAGENT.COM

Under Contract

Central Palm Springs Condo Splendid updated 3 Bedroom Condo in Sunrise Oasis - Central Palm Springs. Enjoy pools, spas and tennis courts on the gated grounds. 3 Patios - one totally enclosed and private. Huge greenbelt behind the home, vaulted ceilings, a one car garage, and a remodeled kitchen.  Huge floor to ceiling sliders make the unit light and bright.  The spacious floor plan makes it very liveable. 2 Partially remodeled baths and lots of closets make the living easy. Year round or seasonal this is convenience in a very attractive package. Move right into this well located single level unit in a nice central Palm Springs neighborhood. View the Virtual Tour for 858 N Calle De Mimosas, Palm Springs, CA Schedule a Showing Short Sale Homes For Sale Palm Springs Homes For Sale Palm Desert Homes For Sale Search All Homes For Sale Palm Springs Homes for Sale Michael Layton Realty One Group 760-408-5300 Questions? Schedule a Showing! MLS#: 41456908 Licensed In: CA License #: 01342880 L2L Virtual Tours

Bankruptcy and Property Liens

Many homeowners, under stress from mounting debts and facing possible foreclosure opt for Bankruptcy as a strategy to handle their debts. Popular wisdom is this is the way to wipe the slate clean and start all over.

One of the problems with this scenario is the lien on the property can remain post Bankruptcy.

So for example; you decide to take bankruptcy. The actual debt of the loan is discharged - you are no longer personally liable for the balance of the mortgage debt. However, the bank has retained their position on the property by means of not removing the lien they hold on the property. Now the bank - usually a second mortgage holder - is a player in the probable short sale you are trying to do. This can impede the short sale process and complicate things further.

Many sellers who have completed bankruptcy are surprised to find out that this can be true. But it is. In this flyer from our friends at Orange Coast Title you will find out how to try and avoid this problem.

FREE FRIENDLY HELP:

If you are late on your payments, facing short sale or foreclosure and need information we are happy to help. Call us at 760-408-5300 or email us at michael@psagent.com. Our help is always free and without obligation. Don't make things work by getting scammed by someone promising that they can make it all better if you just pay them up front fees.

See more short sale information
See more foreclosure information

Help For California Home Owners

[youtube http://www.youtube.com/watch?v=dg4y96bz9yI?rel=0&w=560&h=315]

This site offers clear programs that can help some California home owners stay in their homes or ease the transition of getting out of it.

Well worth a look and

PLEASE NOTE

this is a totally free service. If you are asked for money or payment you have gone to the wrong site. Recheck the link. As always if you have questions give us a call at 760-408-5300. We will help you for free as well!

The main website this video came from:

http://www.keepyourhomecalifornia.org

Breaking News! Foreclosure Reviews Pending

November 1, 2011 it was announced that consumers who were foreclosed on may be eligible for a review of their foreclosure and possible compensation for any wrong doing. Banking regulators are stepping up to the plate and acknowledging that massive irregularities, in 2009 and 2010,  in the processes of the 14 major loan servicing companies requires this review.

The most likely candidates for this review are homeowners who knew something was wrong with their mortgage paperwork but could not get anyone to listen to them back when banks became flooded with foreclosure actions. Many of these homeowners were actively pursuing mortgage loan modifications when the foreclosures took place.

Bank regulators are starting the process by requiring the banks to mail a letter to the former owners of the estimate 4 million cases they intend to review. The reviews will be done at no cost to consumers.  This is a plus as a typical review, often called a forensic audit, could cost a private individual anywhere from $2,500-$5,000.

If you feel like there was something wrong with your foreclosure, now is the time to act. Even if you do not receive one of these letters now is the time to take action.

More information can be found at:

IndependentForeclosureReview.com,   or  toll-free phone line, (888) 952-9105

See more information about short sales and foreclosures on our website

Buyers Guide To Purchasing a Short Sale

As the real estate market continues to adapt to changes in lending, federal and state regulations and the demands of the market - you as a buyer can often be left confused. Why are your offers not being accepted?  Why does the house get advertised at a price lower than the bank will accept? Why are you not even allowed to bid on certain homes?Here I will try to cover the highlights and the main things you need to know. For more in-depth information feel free to contact my through my website at PSagent.com  or the email link on this blog.

 FAQ’s: 

 1)     The house was listed for $145,000 now my agent tells me I have to pay $152,000.  Why?

Answer: In a short sale there are many factors that determine price. Very few homes are offered at a price that has been preapproved by the bank.  Mostly it is the experience of the realtor who listed the home and their knowledge of the market that determines the asking price.

When placing offers on short sale homes the best idea is to decide on a price RANGE you are willing to pay for that home.  There are many factors and many players in a short sale.  You will most likely make yourself crazy if you agonize over every dollar and what it is called. Decide on an acceptable range for a home and be happy if the bank approves a price in your range. Regardless of what the costs are called if the end number is one that you think makes the house worth it then you have a good deal.

 2)     There is a perfect home in my neighborhood that has come on the market at a dream price but my agent tells me I am not eligible to offer on it. This doesn’t seem fair. 

 Answer:  Part of the fallout from the foreclosure crisis is to blame.  Cities, counties, the federal government and even banks are looking at ways to get families in homes.  The local communities do not want vacant homes creating blight, the government wants to help banks and consumers by filling vacant properties with stable home owners who are keeping the property up and paying the bank for a mortgage.

The combination of all these concerns has led to programs of all types, nationwide, that are all different.  The main goal of all of them is neighborhood stabilization.  Some of the ways they do this is to select certain homes in a neighborhood that will be slated for sale to private homeowners rather than investors or second home owners.  Many times these homes are sold with special incentives for first time homebuyers or income qualified participants.

If your agent is telling you that you can’t qualify for a property, that is in your price range, it is most likely for one of these reasons.

3)     It seems like my offers never get accepted, even when I offer the full price.  I am approved by a lender and feel like I am doing everything right. What is wrong with my offers?

Answer: The first part of this answer really has more to do with the big picture of your marketplace.  Ask your agent to analyze the price range you are buying in. It is possible that while the overall market activity is sluggish that your price range is quite active.  Typically, when this is true, that means you are competing against investors and all cash buyers. It is hard for a seller to look at an all cash 30 day close offer and be objective about your finance offer.  The cash offer looks like money in the bank. Your offer looks iffy.

Secondly, work with your agent to develop a strategy for getting a house in your price range without having to go head to head with cash buyers.  Some examples of these things can be a personal letter to the seller about why you like their home, contacting agents whose properties have been “in escrow” for more than 70 days.  There may be a problem and you could be the savior by putting in an offer just as the one they had is falling apart.  In general – think out of the box.

Foreclosure Can Mean Different Things - Depending Where You Live

Mention the word foreclosure and most people can conjure up the mental image of someone forced out of their home for not paying the mortgage.  Of course this is the broadest and truest sense of what Foreclosure really means and in the last few years it has become distressingly common to hear about in our daily lives.

As a Real Estate Agent I deal with it on a daily basis. The primary way it comes up in my life is a homeowner expressing fear about the inevitability of being foreclosed on.  The mental image most of my clients seem to have is the ultimate end point of foreclosure where the sheriff shows up, guns drawn forcing you to the street.

That point is very far down the road.  The banks are slow to act (more on that below) and the process is much more predictable than most people realize. First you have to understand the process in your particular state.  Part of the US has a process that is called judicial foreclosure where the lenders actually have to go to the court system to take the house back.  The New York Times recently wrote that in New York State the lenders would need 62 years to process all the 213,000 homes currently in some stage of default.

A little more than half the US states do not use the judicial foreclosure process and things can move a little quicker than that.  However, there is still a process, a set time frame in which the foreclosure takes place – do not allow fear to take over. The same article in the New York Times says that all the defaults in California could be processed in three years.  This is still a considerable mess and a huge expenditure of time effort and energy on the lending industry to attempt to get back on course.

So what is the point?  Well even if you only read the headlines you have probably noticed that they are saying that the rate of foreclosures is slowing. There are many factors here. Banks are slowing down the actual foreclosures and going for more loan modifications and short sales. Then you have a higher percentage of homeowners who are trying to fight to stay in their homes.  The people who had 100% financing and “no skin in the game” as it were have pretty much moved through the system.  Those loans were the first to turn sour and get foreclosed on.  More of the people in default now have, or had, an equity stake in their property. Finally there is intense regulatory pressure on the banks by the government. Talk to anyone in the mortgage industry and it quickly becomes clear that the ever changing but increasing pressure from the Government is helping in someways and hurting in others but the end result is a slowdown in the process.

If you or someone you know is in default on your mortgage. Talk with a trusted professional about the process in your state. Start your conversation by first understanding the process then apply it to your situation.  A Realtor, CPA or legal counsel are a good places to start. Scam artists and people who want up front payments to help you save your home should be avoided at all costs. They will only make your situation worse and do no good. Your home is too important an asset to operate in the dark – you must understand the process and come up with a plan of action that is fact based not fear based.

Read More about Foreclosures

Read More about Short Sales

Search Homes In Palm Springs California

New Statistics on Short Sales, Foreclosures and Regular Sales

The California Association of Realtors has released new data on the percentage of sales that are short, bank owned or traditional.  In a two year study - January 2009 to January 2011 what they found was this:

In January of 2009 the break down was:

Bank Owned: 51%  Short Sale: 10% Traditional Sale: 39%

Bank owned sales began declining in April of 09 and continued that trend with only a small uptick in June of 2010
Short Sales during the same time period began a steady climb that has not stopped while traditional sales actually surged above 50% for most of 2010.

According to the study January of 2011 saw the numbers at:

Bank Owned: 34%  Short Sale 24% Traditional 42%

It is clear that short sales are going to continue to be a big part of the inventory of homes for sale.  With foreclosure rates falling off it seems as though bank owned home sales will continue to level off. The main thing that could change that is if the banks have large inventories of unsold homes that they have not released yet.

For more information on Short Sales be sure to visit that page on my website PSagent.com

Search all Real Estate In Palm Springs CA

Should You Fight the Bank To Keep Your House Part II

In the first part we covered the basics of how you should decide if you are capable of keeping your home and what the first steps are. Here we cover what happens next:

So you have gathered all your paperwork and are ready to send it in. Typically you have to fax all this stuff in with your account number written on every page.  You usually have to update the things like bank statements and pay stubs as you get new ones.

Don’t be surprised but the first answer is usually – NO! (If the bank says yes please read  section 4)

3) After The Bank Says NO: Don’t let this deter you.  Ask for the specific reasons in writing.  Ask for supervisors to explain what your options are. Ask what the review process is and tell them you want to be reconsidered. Unless they can tell you specifically that you do not qualify based on your income I would not accept no from this level at the bank.  I would keep pushing until they refuse to consider your paperwork anymore. Sometimes they will cite the type of loan you got originally. Ask for this in writing so you can show it anyone else you may seek help from. You should assume that you will have to push and you will have to raise the stakes.  Don’t lose your cool but be persistent in letting them know you want a solution.

If you get that final “no we won’t look at your file or try to help you any more” answer you should then try to get outside help. There is a non-profit organization that will help you with this process. NACA.com.  Go to their website and see how the system works. Basically they negotiate with the banks to try and get you modified loans and reduced payments and interest rates.  Since you will have all the paperwork together you can start  their system right away.  Again, this is not loads of fun but it can be done –I personally know multiple people who have received help, with great success,  from NACA.  You could start with NACA and skip trying to do it yourself but I do not think you should.  As the banks customer you should trying asking for help from them directly first.  Document your efforts – keep a small notebook with dates and times of calls made, faxes sent, answer received.

Lastly, if the Bank won’t help, if NACA says they can’t help you you can try two other routes.  One is called a forensic Audit of your loan.  There are firms out there who do this for about $3,000 – many are attorneys.  They will examine your original loan for inconsistencies and help you go back against the bank to reset the terms based on faulty original paperwork.  This is a very aggressive approach and you must be careful to avoid scam artists.  Check out anyone you are thinking of hiring with the Better business Bureau and the Attorney Generals office in your state. The other option is an attorney.  There are many attorneys now specializing in debt reduction –debt relief and bankruptcy.  These would be a good place to start.  Find one who will help you try to negotiate with the bank and any other creditor you may have to try and keep you in your home.

4) The Bank Said Yes! Hopefully you will get to a yes long before you consider a forensic audit or a attorney.   So if the bank says yes read their terms very carefully.  There are basically two types of yes answers.  One is a temporary reduction of payment and/or interest rate that sets your monthly payment at a rate you can afford.  The total amount of principal that you are not paying is often wrapped to the end of the loan – in other words you are not getting out of paying any amount due you are just putting it off. This is often called forbearance.  A better version of this is a permanent reduction of interest rate (if your problem iis that your rate is too high) The second type, and less common one is the mortgage modification or principal reduction where your note is lowered by a cancellation of some of the debt.  They are reducing the total amount due on the loan.

Staying in your home is well worth the effort you will have to make for most people. Don't be discouraged and don't fall for scam artists who say they will do all the work for you.  No matter which route you take you will have to gather organize and prepare all the paperwork listed above that will be used to make the decision about your mortgage payments.

The programs available to help you and the banks willingness to help change constantly so keep asking questions.  I believe that we are in a 10-15 month window of time where these programs and options are at their peak.  After this window passes I think we will start back towards a market where many of these options for you as a homeowner will be phased out and no longer available.  The time to act is now before they start disappearing.

If you know you cannot afford your home now or in the near future a short sale may be the answer for you.  You can read more about short sales at PSagent.com

Two Celebrity Homes Come On The Market

Palm Springs and the surrounding Desert area has long been a home away from home for many of the biggest names in Hollywood. Recently two properties with a Celebrity past have come on the market. Both are exceptional properties and have much to offer beyond their celebrity pedigree.

In Palm Springs the William Holden Estate in the Deepwell neighborhood has been listed for 1,495,000. It was alos once the home of Tippi HedrenThe interesting thing about this property is that it sits on four lots and straddles two streets. With amazing western mountain views and plenty of land this architecturally interesting home is truly one of a kind. See details on the William Holden Estate. 

In Rancho Mirage the neighborhood of Thunderbird Heights has seen the former home of Bing Crosby come on the market for 3,495,000. See the details of 70375 Calico Road Rancho Mirage CA This property has over and acre of ground and 6,700 square feet of living space. Truly spectacular.

Market Trends and This month In Real Estate

November numbers are out for the Valley and show a decided drop in the over all sales. A 7.7% drop from Novemebr 2009 when 826 total properties sold vs. 762 in 2010.

Difficulty for consumers in obtaining loans and the vast number of short sales (delayed property closings) surely contributed to the lower number as did a general slowdown in foreclosed properties coming to the market.

There were some bright spots in the market - as always Real Estate is local and a look at the local areas confirms that. Palm Springs Central (north of Ramon Road but south of Vista Chino) saw an increase of 29% in the number of homes sold year over year. It was also the second month in a row as October had a 22.2% increase. Thousand Palms and La Quinta as well as two of the three sections of Indio all saw significant double digit gains in numbers of properties sold year over year.

At the end of the day, however, we saw a drop and the inventory slipped back up to 9.7 months. This is the number of months it would take to sell existing inventory at current rates if no other homes came on the market.

In the new year we will be looking for government programs, incentive and consumer confidence to drive home sales. Additionally the banks, at least in the Palm Springs marketplace, should start releasing more homes from their foreclosure inventory in the lower price ranges. There is a pent up demand for the lower priced homes that has not been addressed on the local level.

See More Reginal and National Statistics in my One Minute Real Estate Report

Price Reduced on 5 Bedroom Home

[slideshow]

 

Newly Priced at $174,900 this large 5 bedroom home has one bedroom set up as a guest house.  A formal dining living plus a den make it very flexible for all ages!  Look at all the details on 65456 Peregrine Lane 92240.

Treasury Department Issues Statement

Yesterday, November 18th, the Treasury Department issued a statement about the measures the government is taking to help home owners in distress. It is interesting to read for two reasons. One if you are in a modification program you can compare what you are being told and what the governments stated objective is for that program. Two, if you are wondering what options are really out there and confused by the media coverage it is spelled out pretty clearly in this speech.

To see the whole statement visit my page about it on this blog or use this link Treasury Department Statement.

Housing Market Affected By Things Other Than Foreclosures

With all of the focus on the foreclosure and short sale market most people assume that the main reason for excess home inventory people losing their homes.

While this of course contributes to the problem recent statistics released by the Census bureau show another trend.  There has been a significant drop in the number of new households that are being created.  The study showed that during the five year period of 2002- 2007 almost 1.3 million new households were being formed each year.  Starting in 2008 the number dropped to just under 400,000 and decreased even more in 2009 to just over 350,000.  That is an astounding drop of 900,000 fewer households started.

In tough economic times people tend to downsize, move in together, delay home purchases and younger people will stay at home longer. In the worst case scenario of course some poeple actually become homeless.  Other factors contributing to the downward trend is a reduction in immigration and marriage rates.  In fact some studies cite immigrants that have actually moved back out of the United States.

These are interesting statistics and show a much broader cause and effect cycle to the housing situation.  As always real estate is local and in the Palm Springs market we are not seeing an oversupply of homes. Our inventory is at a two year low and sales remain very respectable. Further, as so much of the market here is second and vacation home based our numbers and statistics won't line up with more year round markets.

You can see all homes and condos currently available here. If you would like a custom created property search just let us know.

Open House On 2465 Madrona Today Noon to 4pm

Come see this beautiful condo remodel in Canyon Estates. Boasting amazing amenities and terrific views living in Canyon Estates is truly special and uniquely Palm Springs. With all the country club amenities you could want - Clubhouse, tennis, pool, spa, fitness there is even a 9 hole golf course.

Spread nicely around lush green belts with great views - the home features large rooms with loads of closets and a giant patio. Enjoy your place in the sun at Canyon Estates this season.