Good news, bad news when it comes to real estate.
Good news?
Mortgage rates are at an all time low.
Bad news?
The inland empire ranks fifth in the nation for foreclosures.
It is not hard to find them.
In most desert neighborhoods, you find foreclosures.
Palm Desert resident Will silva says he was able to avoid foreclosure, selling his home last year when money got tight.
"We moved into a condo because of the budget and having a baby coming in," said Silva.
But for buyers right now, foreclosures present opportunities.
Along with a 30 year fixed rate mortgage now at 4.54 percent, a deal can be had, according to Greg Berkemer, Executive Vice President of the California Desert Association of Realtors.
"Anytime rates are at very manageable levels, anything that gets financed is more affordable," said Berkemer.
Out of the 3,950 single family homes in the Coachella Valley, 521 are foreclosures.
If you're trying to sell right now, but don't have to, Berkemer says you should wait because you're competing against foreclosures.
For homeowners who aren't trying to sell, foreclosures are hurting you too.
If a foreclosed home in your neighborhood is turning into an eyesore, Berkemer says call the bank or realtor handling the property.
He says generally, they'll try to bring it up to snuff.
