Beginning with this post, we are now utilizing polling and surveys to solicit your thoughts about the substance of the content we bring you. Today we’re looking for a consensus about whether we are resonating with you as to the opportunity that exists in Palm Springs area real estate.
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Buyers and Sellers needn’t accept what media is depicting as a scarcity of Jumbo Loans: “Homeowners with higher-price loans don’t qualify for mortgage modifications under the Obama plan. Low interest rates are unavailable if they try to refinance. And finding a buyer who can get financing takes far longer than for lower-price homes, because banks want as much as 30% down and six months of mortgage payments in reserve.” Read our newest blogpost for some possible solutions! FALLING PRICES, LOW RATES PROD CALIFORNIA HOMEBUYERS We’ve seen several articles over the last week or so that point to positive developments in the Palm Springs area housing market. Locally, although median price fell 46.1% (sales rose by 38.2% from a year ago), the median price is up slightly for the month of May ‘09 over April ‘09, confirming the upward trend. The inventory declined from the prior month for the fourth straight, as year over year sales remain brisk. The inventory of homes continues to drop, falling to a 4.2-month supply in May, compared to 8.7 month supply in May 2008. |
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