Report: Distressed sales mostly down in Valley

Source: The Business Journal

Distressed home sales became a little scarcer in July, but that wasn't true for some Valley counties. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, dropped to 32 percent of all home sales in Fresno County. That's down from 36 percent in June and 58 percent in July 2012. Kings County saw an even bigger drop, falling to 31 percent compared to 44 percent the prior month. July 2012 percentages weren't available for the county. Madera County had no change from June with distressed sales accounting for 33 percent of home sales. The share was down quite a bit from last year, however, when distressed sales made up 74 percent of the total. Distressed sales actually trended upwards in Tulare County, going from a 27 percent share in June to 31 percent in July. Both are down from 62 percent in July 2012. Statewide, distressed sales made up 17 percent of all home sales in July, down from 20 percent the month before and 41 percent a year ago. Of California's home sales, the share of short sales was was at its lowest point since April 2009 at 11.6 percent in July, down from 12.9 percent in June and 22.7 percent last year. The share of real estate-owned sales, including bank-owned homes, dropped to 5 percent compared to 6.6 percent in June and 17.7 percent a year ago. Equity sales, or non-distressed property sales, climbed to 82.9 percent compared to 79.9 percent in June and 59.2 percent in July 2012. The available supply of homes was essentially flat from June but remained tight. The unsold inventory index or real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, stood at 2.1 months in July compared to 1.8 months in June. The index for short sales inched up from 2.4 months to 2.5 months while the index for equity sales dropped from 3.1 months to 3 months.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/7359-report-distressed-sales-mostly-down-in-valley

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