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.

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May Sales Stats In The Coachella Valley

As if low interest rates were not enough reason to get serious about buying look at these numbers! 

Exceeding all expectations the May 2011 real estate sales numbers reflect a growing trend. Over 900 homes sold - AGAIN!  This time 911. Once again a new  milestone - breaking the 900 mark for  homes sold in one month for only the third time in the last 2 years! You will also be surprised to learn that while 1274 homes came on the market in May 2011 another 1286 moved into escrow by going under contract.  Essentially wiping out the gains of the new homes listed.  Supply and demand seem to be leveling out.

More good news as the median price has risen 23% since May of 2009. While prices are still low and pockets of resistance still exist there is no question that exceptional values are becoming a little more scarce.  In general we can say that for homes in great condition prices are headed up not down on average.

Most importantly the months supply of inventory is dropping like a stone! Month supply of inventory is figured by assuming that the current sales rate continues and no other home is listed for sale. That would mean we only have 3.8 months inventory left!  Not only is that the lowest in more than two years but it represents a steady decline since December of 2010 when we had a 10 month supply. These are numbers that can't be ignored. A change is in the air. If you are looking to buy real estate it would be hard to beat the timing of this market.

County Document Scam Alert

Many home owners in San Bernardino County and Riverside County (Where Palm Springs is located) are receiving very official looking documents in the mail saying they need to order a copy of their grant deed to avoid foreclosure proceedings and prove that they own their home.

Like most scams it is designed to play on your fears and get you to pay money you do not have to spend. You may, at anytime get a copy of your Grant deed from a title company or the county for a very modest fee. Most everyone already has a copy of this in their final closing package from the Escrow/Title company.

Be careful of these bogus resellers of public information. If you receive any document, that pertains to your property, and are unsure what it means please check with a trusted local expert such as your Realtor, an attorney or your tax professional.

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Moving Day - Keller Williams Palm Springs Relocates to A New Office

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The 2nd of June was a big day at Keller Williams Realty in Palm Springs.  We relocated our office from Tahquitz Canyon way to 435 N Palm Canyon Drive.

Our new home is located in the former Madison Jewelers building.  It has been remodeled into beautiful new offices for the fastest growing national real estate franchise in North America.  Exciting too is the fact that we have received the Luxury Homes designation.  While able to service the full spectrum of real estate sales the Luxury Division is a great addition to all the services we can provide to you.

The really good news is that nothing has changed except our street address.  All phone fax and email remain exactly the same.  Even the zip code is the same.  So change your address book while you are thinking of it to 435 N Palm Canyon Drive Palm Springs CA 92262.

Next time you are by the office please stop in we would love to show it to you. If you have any trouble finding it we are next to Hamburger Marys and the Elizabeth Taylor Walk of Fame Star is right at our entrance.

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Palm Desert Debuts New Aquatic Center This Month

Civic Center Park in Palm Desert will be home to the spectacular new Aquatic Center .  Originally scheduled to open in the first part of the month the opening has been delayed to the 25th of June because some of the equipment was delayed in arriving

The center is to be located in the north west corner of the Park which is off of San Pablo and Magnesia Falls Rd in Palm Desert. The center will complete a park that already includes 4 Baseball fields, A skate park Concession/Restroom Building , An Amphitheater, 6 Tennis Courts, 4 Volleyball Courts, 3 Basketball Courts, 5 Picnic Pavilions, A Playground, a Dog Park and lots of grassy areas. The park also includes a Holocaust Memorial and a Peace Memorial. There are ponds with turtles, ducks and swans.

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