Distressed home sales climb in September

Source: The Business Journal

 Distressed home sales inched up in the San Joaquin Valley in September, with some counties approaching last year's dismal figures. 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 September. That's the same as in August but down from 27 percent in September 2013. Distressed sales were up to 21 percent in Kings County in the month compared to 15 percent in August and 28 percent a year ago. Tulare County saw its distressed sales climb from 19 percent in August to 26 percent in the latest month, the same as in September 2013. Madera County even surpassed last year with distressed sales rising to 33 percent over 19 percent the prior month and 32 percent in September 2013. Statewide, distressed sales made up 9.1 percent of all homes sales in September, up from 9 percent in August but down from 14.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 3.9 percent compared to 4 percent in August and 4.5 percent in August 2013. Short sales remained flat at 4.6 percent in the month, down from 9.3 percent a year ago.
Equity sales, or non-distressed home sales, stood at 90.9 percent in September compared to 91 percent the prior month and 85.7 percent last year. Housing inventory increased throughout the state in September. 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 2.8 months in August to 3.1 months in September. The index for short sales rose from 6.1 months in August to 6.2 months in September, while the index for equity sales was unchanged at 4.1 months.

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