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California Purchase Contracts up for First Time in 3 Months

by devteam November 26th, 2013 | Share

Contracts for home purchases in thernGolden State increased in October, the first such increase in three months thernCalifornia Association of Realtors® (C.A.R.) said today.  The state’s Pending Home Sales Index (PHSI)rnwas up 2.5 percent from September to October, rising from 106.7 to 109.3.  C.A.R. said this jump was considerably largerrnthan what has been the average September-to-October change of 0.7 percent overrnthe last five years.  Pending sales wererndown from its index value of 121.2 in October 2012.  This was an annual decrease of 9.9 percent.</p

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Equity or non-distressed property salesrnwere down slightly in October while correspondent share of distressed sales ofrncourse increased.  Equity salesrnrepresented more than eight out of ten sales for the fourth straight month butrndid dip from 85.7 percent of sales to 85.5 percent.  The equity-to-distressed sales ratio was 63.2</b: 36.8 percent in October 2012.  Sixteenrnof the 38 counties reporting on distressed sales reported a decline in October;rnSan Mateo County had the lowest proportion of distressed sales at 3 percent. </p

Thernshort-sale component of distressed property sales was virtually unchanged atrn9.4 percent in October, one basis point below September’srnnumber.  This is the lowest percentagernsince January 2009 and well below the 24.4 percent market share in Octoberrn2012.</p

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The share of REO sales rose slightlyrnin October from 4.4 percent to 4.7 percent but it was the seventh consecutivernmonth the figure was in single digits.  Arnyear earlier REO made up 12 percent of sales.</p

Housing inventory levels tightenedrnslightly for the first time in five months but were still extremely low. rnThe Unsold Inventory Index for equity sales dipped from 3.5 months in Septemberrnto 3.4 months in October.  The supply of REOs was unchanged from Septemberrnat 2.7 months, but the supply of short sales slipped from 3.8 months inrnSeptember to 3.6 months in October.</p

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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