As the world turns each day it seems like the economy is taking more and more hits.  In the Coachella Valley real state market the hits keep coming.   I read many reports regarding the state of local real estate but examining the details that come from the Desert Area Multiple Listing Service is an eye opener.

For the last several days I have sifted through the daily market watch to see who owned the houses that are selling.  To my utter astonishment, over 80% of the closed sales in the Coachella Valley reported to the Multiple Listing Service are bank owned properties.  This percentage has held steady for the past four days.  In addition, the few remaining sales that are not bank owned are largely short sales which still involve distress properties and the banks.  To say that bank owned properties are fueling the entire Coachella Valley real estate market is not an exaggeration.

The median price for a sold house in the Coachella Valley on October 7, 2008 is $189,950.  The high was $800,000 and the low $45,000.  These will be interesting statistics to watch as the weeks and months unfold.

My web site has lots of information on Palm Springs bank owned properties.  There is a comprehensive list of all bank owned properties on my web site.  I update this information once each week. 

In the next few days I will be listing what I perceive as the best buys in Palm Springs in all price categories whether bank owned or not.  Properties that I select will have been personally visited by me.

I hope this information will be of value to you.  I will be happy to discuss Palm Springs real estate with you via e-mail (realtorgarycarlson@yahoo.com), telephone or text at 760.831.5996

Gary Carlson

Realtor

Prudential California Realty