Realtors: Distressed home sales decline in Central Valley

Source: The Business Journal

Month-to-month and year-over-year distressed home sales fell in Fresno and Madera counties for the month of October, the California Association of Realtors reports. A study by the association showed that in Fresno County distressed home sales -- which include short sale and real estate owned (REOs) homes that are often owned by banks -- stood at 61 percent in October 2011. The percentage fell to 51 percent in September 2012 and to 48 percent in October 2012. In Madera County distressed sales hit 89 percent in October 2011. By September of this year the percentage had fallen to 60 percent and one month later it was at 55 percent. In Kings County, month-to-month distressed home sales rose slightly. The association did not have an October 2011 percentage for Kings Count, but distressed sales climbed from 39 percent in September 2011 to 42 percent in October 2012. Tulare County only had information available for October 2012, which showed 46 percent of home sales were distressed. Statewide, distressed property sales dipped to 36.6 percent in October, down from 37 percent in September and down from 51 percent in October 2011. Also, statewide, the unsold inventory index for real estate owned homes fell from 2.2 months in September to 1.9 months in October. The unsold inventory index for short sales was 3.1 months. Also, California’s pending home sales index rose 4.3 percent from September to October. “The strong pace of pending sales in October is a continuation of what we’ve experienced for most of 2012, with demand remaining robust across all parts of the state," said Don Faught, 2013 California Association of Realtors president in a release. Meanwhile, non-distressed sales have risen sharply, he said.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/4072-realtors-distressed-home-sales-decline-in-central-valley

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