Coachella Valley foreclosure filings in September swelled slightly from August but decreased by 58 percent from a year ago, according to a new housing report.
Valley-wide, there were 285 foreclosure filings — including default notices, scheduled auctions and bank repossessions –down from 674 filings in September 2013, according to data from Irvine-based RealtyTrac.
September figures, however, rose 34 percent from 189 filings in August. The uptick reflected the California trend of 15,804 filings in September increasing 4.4 percent from 15,136 filings the month before.
The desert reported a greater month-over-month increase because the region was hit harder in the housing bust, said Daren Blomquist, vice president of RealtyTrac. The Valley, though seeing gains from the year before, will take longer to fully recover, he explained.
Many foreclosures were delayed and are now starting to go through the pipeline, Blomquist said. The Homeowner Bill of Rights, California laws taking effect in January, prevented lenders from foreclosing on a property while it was still in loan negotiations, called dual track foreclosures.
Now that alternatives have been exhausted, Blomquist said, many properties are filing for foreclosure.
Properties entering foreclosure first file a notice of default, followed by a notice of trustee’s sale and finally a bank repossession if a third party does not purchase the property a a public auction.
Palm Springs reported 30 homes entering foreclosure, up from 12 in August. Indian Wells reported 2 new notices of default, Indio had 12, and Coachella had 9 foreclosure starts, according to the data.
Total foreclosures were up September from the month before in cities by zip code. Some cities reported no increase at all.
September numbers increase from August:
92234, Cathedral City, 46, +70.4%
92236, Coachella, +20, 25.0%
92240, Desert Hot Springs, +38, 40.7%
92241, Desert Hot Springs, 2, 0%
92210, Indian Wells, 8, +166.7%
92203, Indio, 21, +50%
92253, La Quinta, 33, +43.5%
92211, Palm Desert, 22, +37.5%
92260, Palm Desert, 22, 0%
92262, Palm Springs, 33, +94.1%
92264, Palm Springs, 22, +214.3%
92270, Rancho Mirage, 15, +7.14%
92274, Thermal, 3, 0%
Coachella Valley total: 285, +34%
California: 15,804, +4.4%