Distressed sales unchanged in Fresno, Tulare counties

Source: The Business Journal

Distressed home sales in the Valley changed relatively little in June, but the rate was down significantly from what it was this time last year. According to the California Association of Realtors, distressed sales, which includes short sales, sales of bank-owned properties and other foreclosures sales, stood at 17 percent of all home sales in Fresno County in June. That's flat from May but down from 36 percent a year ago. Distressed sales were also unchanged in Tulare County at 21 percent, slightly below 27 percent in June 2013. Madera County saw its distressed sales drop from 19 percent in May to 15 percent in June, both well below the 33-percent share last year. Kings County also had a drop, with distressed sales falling from 44 percent a year ago and 31 percent in May to 25 percent in the latest month. Statewide, distressed sales made up 9.7 percent of all homes sales in June, down from 10.8 percent in May and 20.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 4.4 percent compared to 4.7 percent in May and 6.8 percent in June 2013. Short sales dropped from 5.6 percent in May and 12.9 percent a year ago to 5 percent in the latest month. Equity sales, or non-distressed home sales, stood at 90.3 percent in June, up from 89.2 percent the prior month and 79.7 percent last year. Housing inventory increased for all homes in June. The unsold inventory index or real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.3 months in May to 2.4 months in June. The index for short sales rose from 4.3 months in May to 4.8 months in June, while the index for equity sales rose from 3.7 months to 3.8 months.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/13108-distressed-sales-unchanged-in-fresno-tulare-counties 

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