The California Association of Realtors recently announced that distressed properties make up only 15.6% of the market. Distressed properties include both foreclosures (Bank owned or REO sales) as well as short sales. This means that more than 80% of all existing home sales are traditional equity sales where the homeowner has equity and is simply selling the home and then paying off any financing on it.
It also marks the 7th consecutive month that equity sales have been above 80% of the entire market. In stark contrast, January of 2009 saw the market at 69% distressed property sales, and only 31% equity sales. Short sales alone peaked at 25.6% of the market in January of 2012 and now account for only 9.2% of the 15.6% mentioned above.
“The dramatic drop in the share of distressed sales throughout the state reflects a market that is fully transitioning from the housing downturn,” said C.A.R. President Kevin Brown. “Significant home price appreciation over the past five years has lifted the market value of many underwater homes, and as a result, many homeowners have gained significant equity in their homes, resulting in fewer short sales and foreclosures.”
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