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California Distressed Home Sales Plummet Over Past Five Years

California Distressed Home Sales Plummet

Rising home prices across the Golden State have caused the number of distressed sales to decline significantly since the midst of the housing meltdown. In the Bay Area, the recovery has been even more impressive, with most of our counties posting fewer distressed sales than the statewide average.

According to a new report from the California Association of Realtors, the level of distressed single-family home sales in the state has dropped nearly 55 percentage points since the thick of the U.S. housing market crisis.

In January 2009, distressed sales — including short sales and real-estate owned (REO) properties — accounted for 69.5 percent of home sales in the state. By January of this year, distressed sales made up just 15.6 percent of all transactions.

“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,” CAR President Kevin Brown said in a statement.

Read more at https://compasscaliforniablog.com/california-distressed-home-sales-plummet


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