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Distressed Sales Drop to Less than One-Third of California Home Market
Equity sales, that is sales ofrnnon-distressed properties, now constitute two-thirds of all home sales in California</bcompared to less than one-half only one year ago. A report from the California Association ofrnRealtors® (C.A.R.) puts the share of equity sales in the state in February at 67.1rnpercent, compared to 64.4 percent in January and 46.7 percent in Februaryrn2012. This is the highest share ofrnequity sales since April 2008.</p
Short sales made up 19.9 percent ofrnsales in California in February compared to 21.5 percent in January and 24.8rnpercent a year earlier. Sales of lender-ownedrnreal estate (REO) represented 12.6 percent of the home market in February, downrnfrom 13.7 percent the previous month and 28 percent in February 2012. </p
C.A.R.’s Pending Home Sales Indexrn(PHSI) rose 8.7 percent from a revised 101.4 in January to 110.2 inrnFebruary but was down 8.2 percent from the index in February 2012 of 120. The index is based on signed contracts and isrna forward-looking indicator of future home sales. </p
The annual decline of pending salesrnmight be attributed to the tight inventory of available homes. ThernUnsold Inventory Index for REOs was unchanged from January to February at 2.0rnmonths while the Index for short sales was 3.3 month and for equity sales itrnwas 3.8 months. </p
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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