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.