Distressed Sales Drop to Less than One-Third of California Home Market

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Posted To: MND NewsWire

Equity sales , that is sales of non-distressed properties, now constitute two-thirds of all home sales in California compared to less than one-half only one year ago. A report from the California Association of Realtors® (C.A.R.) puts the share of equity sales in the state in February at 67.1 percent, compared to 64.4 percent in January and 46.7 percent in February 2012. This is the highest share of equity sales since April 2008. Short sales made up 19.9 percent of sales in California in February compared to 21.5 percent in January and 24.8 percent a year earlier. Sales of lender-owned real estate (REO) represented 12.6 percent of the home market in February, down from 13.7 percent the previous month and 28 percent in February 2012. C.A.R.'s Pending Home Sales Index (PHSI) rose 8.7 percent...(read more)

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Source: http://www.mortgagenewsdaily.com/03252013_california_home_sales.asp

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