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Distressed home sales decline in California to lowest level since 2008

Published: Wednesday, May. 22, 2013 - 12:17 pm

Distressed home sales in California in April declined to the lowest level since February 2008, the California Association of Realtors said today.

Distressed sales fell to 24.4 percent, down from 27.9 percent in March and 45.8 percent in April last year.

CAR also said the share of lender-owned sales fell to single digits for the first time since late 2007 - 9.2 percent in April, compared with 10.2 percent in March and 24.3 percent in April 2012.

Among distressed properties statewide, the share of short sales was 14.8 percent in April, down from 17.3 percent in March and 21.1 percent a year ago. A decrease in short sales is an indicator of previously underwater homes moving into positive equity.

In Sacramento County, CAR said the share of distressed single-family home sales in April was 32 percent, down from 37 percent in March and 60 percent in April 2012.

Results for other counties in the region, based on April, March and April 2012, respectively, are: El Dorado County, 22 percent, 29 percent and 52 percent; Placer County, 23 percent, 35 percent and 51 percent; and Yolo County, 34 percent, 42 percent and 52 percent.

Call The Bee's Mark Glover, (916) 321-1184.

© Copyright The Sacramento Bee. All rights reserved.

Read more articles by Mark Glover

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