Realtors: Distressed home sales continue year-over-year drop

Source: The Business Journal

While the state average of distressed home sales increased in the month of January, figures for the Central Valley continued to fluctuate, according to the California Association of Realtors. The number of distressed homes sold in Fresno County held steady at 19 percent last month, the same as December 2014 and down from the 26 percent reported in January 2014. Kings County saw a decrease in the number of underwater homes, reporting 25 percent in January compared to 26 percent in December. While the month-to-month decrease was minor, the figure is way down from the 45 percent reported this time last year. Madera County continued to improve, with distressed homes accounting for 12 percent of sales during the month of January. The figure represents a steady improvement from the 13 and 14 percent reported in December and January of 2014, respectively. Tulare County saw a jump in the number of distressed homes sold last month, with underwater homes accounting for 22 percent of total sales, compared to 16 percent the month prior and 20 percent during the same time last year. Statewide, distressed homes accounted for 12 percent of total sales in January, up slightly from the 10 percent reported in December 2014, but down from 16 percent in January 2014.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/16338-realtors-distressed-home-sales-continue-year-over-year-drop 

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