Posted on | December 28, 2012 |
California?s pending home sales fell in November, as equity home sales across the state and the Inland region began to come out of the closet.
A report released Friday by the California Association of Realtors said pending home sales, forward-looking indicators of future home sales activity, fell nine-tenths of 1 percent from November 2011.
But the sputter the state?s largest real estate trade association blamed on seasonal factors was mixed with a more telling indicator of what?s to come in 2013: The share of equity sales is on the rise.
The pool of equity sales inched up to 64.9 percent from 63.4 percent in October, and represented a 14.7 percent gain from November 2011.
Equity home sales figures haven?t been this good since May 2008.
What?s more, the combined share of all distressed property sales fell to 35.1 percent in November, according to the C.A.R. report. The pool of distressed property sales stood at 49.8 percent in November 2011.
How did the hard-hit Inland region fare?
The percentage of single-family distressed home sales is still well above the state numbers, but the percentage of distressed home sales noted in November fell by the double-digits.
Realtors say they?re seeing more ?conventional? housing stock come into the marketplace, as homeowners with equity in their property see home prices began a slow recovery, rents began to rise and mortgage lending rates remain at near historic levels.
The pool of distressed homes in Riverside County fell 10 percent from November 2011 to 51 percent, down from 61 percent. In San Bernardino County, distressed property sales plunged 20 percentage points to 44 percent. In November 2011, some 64 percent of all single-family homes sold in San Bernardino County were in distress.
Write to Debra Gruszecki at dgruszecki@pe.com
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Source: http://blog.pe.com/real-estate/2012/12/28/real-estate-equity-home-sales-on-the-rise-in-november/
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