In case you missed the article "House Market in Correction Mode" in the Desert Sun, here is the crux of it :
Housing sales in the Coachella Valley jumped 65.4% in September from the year before, the stronges year-over year showing in nearly two decades.
The 865 sales represent an almost 13% jump from August, according to figures from Data Quck.
The market is in a very fierce mode of correction. The market shift is "deeper and more difficult than anyone had anticipated."
The rise in sales indicates buyers continue to make the best of the desert's ever lowering median prices, which hit $230,000 in September. That is down 37.8% from September 2007.
Distressed properties accounted for most of the sales.
New construction is not faring as well as resales with only 148 homes sold in September.
The median price per sq. ft is at $125.00, down 41.1% from Septl. 2007.
The most expensive home sold in the Coachella Valley was $2.49 million in La Quinta.
Buyers purchasing homes under $500,000 are able to finance through FHA.

The Desert Sun, Sunday Oct. 26:

"Foreclosures and lower prices lead to huge boost in home sales.

The rising number of foreclosures and ever-lowering median prices gave Riverside County's housing sales a tremendous boos in September.
Figures released by DataQuick last week show 4551 homes sold countywide--up 106.1% over a year ago.
A big reason is price: Countywide, the median price dripped 36.8% to $237,500 from $375,000 in Sept. 2007.
Coachella Valley-specific numbers for Sept. have yet to be released. But, sales reported on the Desert Area Multiple Listing Service indicate the same trends are occurring here.

In Coachella Valley , a total of 1,400 homes were in some stage of foreclosure in September."

In SCPD here are approximately 12 homes in some phase of foreclosure and a few that are in short-sale mode.

In case you missed my Leib's Lines on Short Sales--here is a quick study.\:
A short sale happens when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Doing a short sale is not for the faint of heart--some lenders will not even consider a short sale if payments are current. Plus if you have cash assets, the lender might try to tap those accounts.

According to a division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by doing a short sale or Deed-in-lieu of Foreclosure as they will by going through foreclosure.

Pendings in SCPD

From Sept. 1st 2008 until today, Oct. 17,2008, there have been 3 pending sales:

$274,000--for a bank approved short sale--Antigua-1647' 159 Days on the Market
$459,000--Expanded Monaco--2323' 83 Days on the Market
$459,000--Expanded Tangier--1764' 61 Days on the Market

Sun City Stats for September

As of Sept. 30, there were 162 homes on the market from $229,000 for a Hummel (1128') to $979,900 for a Tuscany on the golf course (3300').

There were 10 pending sales for the month of Sept. from $274,000 for an Antigua (1647') to a Victoria (2473') for $549,000.

There 12 closed escrows from $245,000 for a Lanai(1213') to $587,000 for an extended Tangier on the golf course.

The average price per sq. ft was $220.00

You can go back in the blog and check last months stats vs. this month--or even further to get more of an idea of what is happening in our market.

Coming to the neighborhood:

Due to the business climate, there aren't as many openings as there have been in the past, but here are a few:

Where Augusta was located will be " Insanity"--food, fashion and cocktails
Golfsmith is opening a superstore in the Monterey Shore Plaza
Bevmo--a superstore with wine, beer and liquor--open on 111 in La Quinta
Schlotzsky's is open on 111 in La Quinta

Don't forget the Orowheat outlet in the business park across the street.