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Monday, May 16, 2011

California Home Sales Down 6% in April

I was expecting bad news...but not this bad.
An estimated 35,202 new and resale houses and condos were sold in California last month. That was down 3.3% from 36,417 in March, and down 6.1% from 37,481 for April 2010. 
Distressed property sales made up about 54% of California's resale market last month.
Of the existing homes sold in April, 36.6% were properties that had been foreclosed on during the past year. That was down from 39.1% in March and down from 38.1% in April a year ago. The all-time high was 58.5% in February 2009.
Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 17.6% of resales last month. That was up from and estimated 17.2% in March but down from 17.7% a year earlier. Two years ago short sales made up 11.8% of the resale market.
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