As I was reading this morning's Desert Sun, I started out excited and then realized that much of the upturn in sales is in REO's and Short Sales.
Spots with devastation from foreclosures showed the strongest gains.
The buying spurt has shaved average sales prices on mid-priced and luxury homes, which is why you are seeing the lower priced homes selling here in Sun City Palm Desert, while the higher priced homes are sitting or being reduced sharply.Valleywide the average price has dropped 43% since 2007.
The good news is that inventory has dropped to 6000 from 9400 in 2008.
At my office meeting this morning we were warned that the next wave of foreclosures is soon to hit.
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