CAR: Distressed home sales up in Fresno, nearby counties

Source: The Business Journal

California Association of Realtors reports that Fresno County distressed home sales – including bank-owned homes and short sales – grew slightly in November after a steady decline over the past year. In Fresno County distressed sales edged up to 50 percent of sales in November compared to 48 percent in October and 58 percent in November of 2011. Nearby counties also saw an increase in distressed home sales. In Madera County, distressed home sales grew to 58 percent in November after dropping to 55 percent in October. One year ago, 88 percent of Madera’s home sales were considered distressed. In Kings County, distressed home sales rose from 42 percent in October to 45 percent in November. The November 2011 percentage was not available. Tulare County had a 1 percent increase in distressed sales to 47 percent in November. The percentage for one year ago was not available. The San Joaquin Valley percentages were in contrast to the statewide average, which dropped to 35.1 percent in November from 36.6 percent in October and 49.8 percent in November 2011. Of California’s distressed properties, the share of short sales was 23.4 percent in November, down from 24.4 percent in October, but up slightly from 23 percent from a year ago. Statewide, the available supply of real estate-owned homes (including bank-owned homes) eased slightly in November with the unsold inventory index for real estate-owned homes inching up from 1.9 months in October to 2.1 months in November.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/4412-car-distressed-home-sales-up-in-fresno-and-nearby-counties

For further information on Fresno Real Estate check: http://www.londonproperties.com