LOS ANGELES (Feb. 23) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today debuted its Pending Home Sales Index and released key distressed property data.
Pending home sales index:
Pending home sales in California increased in January, according to C.A.R.s Pending Home Sales Index (PHSI)*.The index was 93.6 in January, rising 13.6 percent from December's index of 82.4, based on contracts signed in January. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
'Pending sales typically rise in January from a seasonally slow November and December, said C.A.R. President Beth L. Peerce January's pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season.'
Distressed housing market data:
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- The total share of all distressed property types sold statewide in January was 54 percent, up from 50 percent in December, but down from 56 percent in January 2010.
- Conventional sales made up the remaining share at 46 percent in January, down from 50 percent in December, but up from 44 percent in January 2010.
- Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 32 percent in January, up from 30 percent in December, but was down from 37 percent in January 2010.
- The statewide share of short sales increased to 22 percent in January, up from 20 percent in December and up from 19 percent in January 2010.
- The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
- The statewide median price of conventional properties sold in January was $367,150, 38 percent higher than the short sale median price of $265,500 recorded in January, and 85 percent higher than the January REO median price of $198,000.
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Article released by CAR.org - pending home sales in January in California, rising real estate market, discusses distressed home sales and REO home sales.
The pending home sales increase just show tight credit and economic uncertainty that are still constricting the real estate market. To recover, I believe, there should be normal, sound credit standards so that more creditworthy home buyers can get a mortgage.
ReplyDeletemanila real estate