California Housing Numbers Improve Incrementally

The California Association of Realtors (CAR) says pending home sales increased for the second straight month in Feb. Equity sales comprised 51.1 percent of home sales in Feb., a slight increase from 49.9 percent the prior month, and 44.8 percent a year ago. According to NationalMortgageNews distressed property sales statewide edged down in Feb. to 48.9 percent, a drop from 50.1 percent in Jan. and from 55.2 percent a year ago. Short sales accounted for 23 percent of the distressed property sales in Jan., a drop from 23.8 percent the previous month but a slight increase from last Feb.’s 22.9 percent. President of CAR LeFrancis Arnold says, “A lack of inventory in the bank-owned and short sale market was a contributing factor to the decline in share of distressed sales in February. In fact, REO inventory declined 24% in February from the previous year, while short sale inventory dropped 17% during the same period.”

(Photo credit: Jillian Berman/Getty Images)

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