Distressed home sales rising

Increasing pending home salesPending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.

MAKING SENSE OF THE STORY

  • Pending home sales in California increased in February, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 112.1 in February, rising 20.6 percent from January’s revised index of 93.0, based on contracts signed in February.  The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market, according to C.A.R.
  • “The increase in pending sales is typical for this time of year, as we usually see a seasonal improvement in the spring,” said C.A.R. President Beth L. Peerce.
  • The total share of all distressed property types sold statewide increased in February to 56 percent, up from 54 percent in January and up from 55 percent in February 2010.  Non-distressed sales made up the remaining share at 44 percent in February, down from 46 percent in January and down from 45 percent in February 2010.
  • The statewide share of short sales increased to 23 percent in February, up from 22 percent in January and up from 19 percent in February 2010.

Read the full story from the OCRegister.

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