U.S. foreclosures and ‘shadow inventory’ declining, property tax bills are out

October 9th, 2013 | by Dominique Fong | Comments
Photo credit: David Zalubowski, Associated Press

Photo credit: David Zalubowski, Associated Press

Foreclosures have been steadily declining across the U.S., a trend that’s been also reflected in the Coachella Valley, a region that took a harder blow from the housing bust.

High-level numbers from the Wall Street Journal show there were 48,000 foreclosures in August, down 35 percent from last year across the country. The downward slope is still far from normal, the article reports, but more distressed properties previously stuck in the “shadow inventory” are helping the housing market recover.

How do you explain a bad credit report? Some potential borrowers got creative and came up with kooky excuses such as “I was married to the devil” and “I got a load of bad gas” for being late on a gasoline credit card, reports an Los Angeles Times article.

On another note, property tax bills went out the first week of October. You may noticed an extra insert about Proposition 8 — it’s totally different than the highly publicized Proposition 8 about same-sex marriage.

This much older one deals with temporary reductions in property value assessments because the market value is less than the assessed value of the home. The value reduction usually lasts about a year. This can happen if a fire destroyed a home, for example. Or, from a downturn in the housing market.

If you’re wondering what this all means, the county assessor’s office can explain it better than me at 951-955-6200.

Has your home or commercial property experienced a dramatic decline in value? I’d love to hear your thoughts. Email me at dominique.fong@thedesertsun.com or call 760-778-4661.

And finally: Stay tuned for an update Thursday about September foreclosures in the Coachella Valley.

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