Distressed sales down in Fresno, Kings counties

Source: The Business Journal

 Distressed home sales dipped a little in Fresno and Kings counties in August while Tulare and Madera counties both saw increases in the month. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, stood at 15 percent of all home sales in Fresno County in August. That's down from 17 percent in June and 29 percent in August 2013. Distressed sales were down to 15 percent in Kings County in the month compared to 19 percent in July and 30 percent a year ago. Tulare County saw its distressed sales inch up from 18 percent in July to 19 percent in the latest month, still down from 28 percent in August 2013. Madera County also had an increase, with distressed sales coming up from 9 percent to 19 percent in the month. The county's share was 30 percent a year ago. Statewide, distressed sales made up 9 percent of all homes sales in August, down from 9.7 percent in July and 15.4 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 4 percent compared to 4.1 percent in July and 4.8 percent in August 2013. Short sales dropped from 5.3 percent in July and 10.2 percent a year ago to 4.6 percent in the latest month. Equity sales, or non-distressed home sales, stood at 91 percent in August, down from 90.3 percent the prior month and 84.6 percent last year. Housing inventory increased for all homes in August. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.5 months in July to 2.8 months in August. The index for short sales rose from 5 months in July to 6 months in August, while the index for equity sales went from 3.9 months to 4.1 months.

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/13954-distressed-sales-down-in-fresno-kings-counties 

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