Home Sales Not So DistressedBlog, Real Estate Tips, Selling
Vastly improved home prices over the past five years have changed the landscape of California’s distressed housing market, which is now just a fraction of what it was during the Great Recession, the California Association of Realtors said today. The number of short sales and bank-sold homes is down. Way down. The numbers have dropped from 69.5 percent of all homes sold in 2009 to 15.6 percent today. During the same time period, California’s median home price has soared more than 64 percent. 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. The statewide share of equity sales hit a high of 86.4 percent in November 2013 and has been above 80 percent for the past seven months.