The California Association of Realtors (C.A.R.) just posted the figures for Distressed home sales in CA (those homes which were either sold at Short Sale or sold after foreclosure and Bank Reposession AKS REO). 54% of all Sales in January 2011 were Distressed Sales. More than Half of all of the sales!
You really need to pay attention to this because there are going to be a LOT of renters in California for a LONG time. Lots of renters mean big profits for the Landloards who rent to them. Now is the time to BUY Apartment Buildings!
Distressed housing market data:
- 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.
- View a video of C.A.R. Chief Economist Leslie Appleton-Young discussing highlights of the January sales and price report, which was released Feb. 15.
- View a chart of pending sales compared with closed sales.
- View a chart showing the price differential by sales type.
Share of Distressed Sales to Total Sales
|Type of Sale||Jan-10||Dec-10||Jan-11|
|REOs (real estate-owned)||37%||30%||32%|
|Total Distressed Sales||56%||50%||54%|
Distressed Sales by Select Counties
(Percent of total sales)
|San Luis Obispo||49%||46%||47%|
THOMAS WAITE REAL ESTATE BROKER
PO BOX 3205, CYPRESS, CA 90630
714-895-2174 Direct; 714-398-8292 Fax Tom@TomWaite.com