Hi everyone. Check out this article By Frank Michael Russell at
Mercury News. It discusses the "distressed" component of the current
real estate market. The bad news is that our market, and more so the
people, is/are effected in this way. The good news is that our
inventory levels are very low and demand is now out distancing supply. Read on and let me know what you think... The real estate market in the Golden State was less dominated by
"distressed sales" in March than the month before, the California
Association of Realtors reported Wednesday. Foreclosures and short sales -- transactions for less than the value
of the mortgage on a home -- accounted for 51 percent of the market
last month, down from 56 percent in February and flat from March 2010. "Consistent with the state as a whole, nearly all the counties for
which we have data also experienced an improvement in distressed
sales," association President Beth L. Peerce noted in an email. "However, distressed sales in most of the counties were higher than a
year ago, as the market continues to work through large numbers of
troubled mortgages," Peerce said. Meanwhile, the number of pending home sales -- deals with signed
contracts but which haven't closed -- was up 15.2 percent from the
month before, but dropped 0.3 percent from March 2010, when
California's real estate market was still benefiting from tax credits
for many homebuyers.. The association's reports are based on information from local chapters
and multiple listing services. Also Wednesday, the National Association of Realtors reported a 3.7
percent seasonally adjusted increase in existing-home sales in March
from the month before. However, sales volume nationwide was down 6.3 percent from March 2010.
The median home price dropped 5.9 percent year over year to $159,600.
Mercury News. It discusses the "distressed" component of the current
real estate market. The bad news is that our market, and more so the
people, is/are effected in this way. The good news is that our
inventory levels are very low and demand is now out distancing supply. Read on and let me know what you think... The real estate market in the Golden State was less dominated by
"distressed sales" in March than the month before, the California
Association of Realtors reported Wednesday. Foreclosures and short sales -- transactions for less than the value
of the mortgage on a home -- accounted for 51 percent of the market
last month, down from 56 percent in February and flat from March 2010. "Consistent with the state as a whole, nearly all the counties for
which we have data also experienced an improvement in distressed
sales," association President Beth L. Peerce noted in an email. "However, distressed sales in most of the counties were higher than a
year ago, as the market continues to work through large numbers of
troubled mortgages," Peerce said. Meanwhile, the number of pending home sales -- deals with signed
contracts but which haven't closed -- was up 15.2 percent from the
month before, but dropped 0.3 percent from March 2010, when
California's real estate market was still benefiting from tax credits
for many homebuyers.. The association's reports are based on information from local chapters
and multiple listing services. Also Wednesday, the National Association of Realtors reported a 3.7
percent seasonally adjusted increase in existing-home sales in March
from the month before. However, sales volume nationwide was down 6.3 percent from March 2010.
The median home price dropped 5.9 percent year over year to $159,600.
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