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Is It Time To Buy ? Palm Springs Area Median Home Prices Up $40,000 in 1 Year.

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A question being asked on a daily basis,  and answered speculatively depending on which part of the country you live in.  Some foresee more doom and gloom, others see  opportunity and stability edging up. I can only talk about Palm Springs real estate , the Desert Cities , my personal experience  as a real estate agent in this part of the country, and hard data supplied by our Desert Area MLS. The chart below, shows the Median Prices by California regions , and current Month vs. Year ago . The numbers are encouraging and they represent hard numbers based on the Desert MLS real estate activities for that period.  As for July , that's where my personal opinion based on my activities as realtor comes in. I personally  had a busy July and busier August so far . And with our desert season approaching ,  the Canadian and Northwest Snowbirds will start flocking and that should boost  more home sales and the prices. So is it time to buy ?...
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Google to Fund Low Income Housing in Palm Springs

Google is providing $86 million for Low Income Housing, to fund 480 units in the Midwest & West Coast ,  and some of that is coming to Palm Springs .  That means construction jobs and a boost to the local economy  and will provide affordable housing for low income home buyers in Palm Springs. Since most people refer to the Coachella Valley as Palm Springs , we won't know until more details are available, if these units will be within the city limits of Palm Springs, or in other desert cities in the Coachella Valley.  Any and all real estate developments are welcome in the Palm Springs area as they provide well needed jobs . The money will be given to low income builders and developers in the form of tax credits , the program will be managed by  U.S. Bancorp Community Development Corporation .  For more details  read Francesca Levy's article . Find homes the easy way   Palm Springs  , Palm Desert  , La Quinta  , Rancho Mi...
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Underwater With Your Mortgage ? Some Relief Could be Coming Your Way from BOA !

Bank of America announced on May 8, 2012 that they started mailing letters to some 200,000 home owners who are underwater with their mortgage.  The goal is "retention" through helping eligible struggling home owners with principal balance reduction on their mortgages. This move is part of the settlement reached between the Banks and the Federal Government and accepted by 49 State Attorneys. To be eligible, the home owner must : Owes more on the mortgage than the property is worth today. Was at least 60 days behind on payments on January 31, 2012. Has a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of gross household income. Has a loan that is owned and serviced by Bank of America, or serviced for another investor that has given the bank delegated authority to do such modifications. For all the details read BOA's Press Release  ePalmSpring...
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