Foreclosures rising in the Coachella Valley again, A stream of new homes entered foreclosure in August as a backlog of delayed bank repossessions trickled into the desert market, a new housing report shows.
There were 240 foreclosure filings across the Coachella Valley in August, up 10.6 percent from July, according to RealtyTrac, a real estate information services firm based in Irvine. Foreclosure activity increased 27 percent from last August.
California foreclosures follow three steps: notices of default, scheduled public auctions and finally bank repossessions, if the owner fails to pay what is owed during default. These are called REO, or real estate owned, sales.
Analysts have said the regional uptick in foreclosure filings could continue through the end of the year. Daren Blomquist, vice president of RealtyTrac, has tracked the movement of homes through the foreclosure process.