California Home Sales:
Distressed Sale Prices Rise With Market
Distressed California Home Sales Prices Driven By Dwindling Inventory And Other Factors
Numbers in the California home sales market are getting interesting, as reported elsewhere in these pages. The numbers for San Bernardino home sales and Riverside home sales are no exception. Nationally, the pool of distressed sale properties rose 4 points, while the number of REO and pre-foreclosure sales sank. The number of foreclosure related sales in the Inland Empire area decreased for the first time in 15 months.
Here's an interesting article that discusses all this from Debra Gruszecki in the Riverside PRess-enterprise:
DEBRA GRUSZECKI – "In California, the average price of a foreclosure-related sale rose 4 percent to $248,676 from the previous quarter and from the second quarter of 2011. For the Riverside and San Bernardino County area, home sale prices for distressed property rose to $179,762 from $176,383 one year earlier, as the number of sales in the second quarter — 11,564 — dropped 14.5 percent from the second quarter of 2011." …Press-Enterprise
California Home Sales Related To Foreclosure
Fell 9.6% From Year Age
The number of California home sales related to foreclosure has fallen, but it still netted 40% of the market. Investors … large investors such as hedge funds … are driving this sector of the market. Some are paying 125% of value to obtain properties at Trustee's Sales. This is a reflection of the "Smart Investor Mind" … and is indicative of what the "smart money" thinks about the California home sales in general. They're bullish.
What does that say to you? Are the California home sales market numbers enough to get you interested?
California Home Sales.