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Lakewood - More Equity Sales!

by The Apples Team

Equity sales hit five-year high; pending home sales post monthly gain as the housing market enters the spring buying season

LOS ANGELES (April 22) – The share of equity sales rose to their highest level in five years, while March California pending home sales climbed from the previous month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Pending home sales data:

C.A.R.’s Pending Home Sales Index (PHSI)* rose 14.8 percent from a revised 110.1 in February to 126.3 in March, based on signed contracts. Pending sales were down 7.5 percent from the 136.5 index recorded in March 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

“Recent gains in home prices are increasing the market value of many underwater homes,” said C.A.R. President Don Faught. “As a result, many homes that were previously listed as short sales are now selling as equity sales, as is indicated by the five-percent drop in the share of short sales compared with last year.”

Distressed housing market data:

• The share of equity sales – or non-distressed property sales – compared with total sales rose to their highest level since February 2008, recording a 72.1 percent share in March. Equity sales made up 66.8 percent of all sales in February and about half (51.2 percent) of all sales in March 2012.
• The combined share of all distressed property sales continued to decline in March, dropping from 33.2 percent in February to 27.9 percent in March 2013. Distressed properties comprised 48.8 percent of all sales in March 2012.
• Of the distressed properties, the share of short sales was 17.3 percent in March, down from 19.8 percent in February and down from 22.6 percent a year ago. The March figure was the lowest since November 2009.
• The share of REO sales also declined to their lowest level since late 2007, falling from 12.9 percent in February to 10.2 percent in March and down from 25.9 percent in March 2012.
• Housing inventory fell in all three property types in March, with the Unsold Inventory Index for short sales falling from a revised 3.2 months in February to 2.7 months in March and REOs slipping from 2 months in February to 1.8 months in March. The index for equity sales declined from 3.8 months in February to 3 months in March.

Lakewood - Foreclosure Filings Are Down!

by The Apples Team

 

Foreclosure filings have been trending downward since March 2009 as government agencies introduce more programs that result in a longer foreclosure process or alternatives to foreclosure such as short sales.

Foreclosure sales in California stood at 4,167 last month, representing a 0.9 percent decrease from February and a 50.7 percent decline from a year ago.

 

 

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Contact Information

Apples Team
Berkshire Hathaway HomeServices California Properties
11409 E. Carson Street
Lakewood CA 90715
562-884-1863 / 562-221-2794
562-900-6761
Fax: 562-809-0841

Angie BRE# 01292393, Kathy BRE# 00853237, Cathy BRE# 01255708

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