Report: Distressed sales continue falling

Source: The Business Journal

For the first time in nearly a year, every Valley county saw a monthly drop in distressed home sales. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, dropped to 29 percent of all home sales in Fresno County in August. That's down from 32 percent in July and 47 percent in August 2012. Tulare County saw a similar drop, falling to 28 percent compared to 31 percent the prior month and 47 percent a year ago. Madera County fell to 30 percent in August compared to 33 percent in July and 49 percent a year ago. Kings County had a 1-percent drop in the month to 30 percent, down from 52 percent in August 2012. Statewide, distressed sales made up 15 percent of all home sales in August, down from 17 percent the month before and 38 percent a year ago. Of California's home sales, the share of short sales was at its lowest point since February 2009 at 10.2 percent, down from 11.6 percent in July and 22.9 percent last year. The share of real estate-owned homes, including bank-owned homes, dropped to 4.7 percent compared to 5 percent in July and 14.7 percent a year ago. Equity sales, or non-distressed property sales, climbed to 84.7 percent compared to 82.9 percent in July and 62 percent in August 2012. The available supply of homes was up but still remained tight. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, edged up to 2.3 months in August compared to 2.1 months in July. The index for short sales inched up to 2.9 months over 2.5 months in July, while the index for equity sales rose from 3 months to 3.1 months.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/8861-report-distressed-sales-continue-falling

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