Here are my updates for August 27, 2013
Distressed Sales Plunge Below 20 Percent in California
Distressed sales have plunged in the last year, the California Association of Realtors® (C.A.R.) said today, and are now at only about half of the level of one year ago. Equity or non-distressed sales currently account for four out of five home sales in the state after rising for 17 of the last 18 months.
Distressed sales – usually sales of homes held in bank inventories (REO) or short sales – fell to a 17.1 percent share in July compared to 20.1 percent in June and 40.8 percent in July 2012. C.A.R. said that 25 of the 38 counties reporting showed a June to July decrease. In two counties, San Mateo and Santa Clara, distressed homes accounted for only 4 percent of sales.
Read more from Jann Swanson of the Mortgage News Daily here
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”