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Account Open Stream California Diving deeper: March housing market
Account Open Stream California Diving deeper: March housing market
Here's the breakdown:
Foreclosures
Almost 25 percent of resales fit into this category, the lowest it's been since November 2007, when it was 22.2 percent. A year ago, that share was 33 percent. This type of resale hit its peak in January 2009 at 55 percent.
Short sales
Homes that were sold "short" comprised about 22 percent of total resales. Short sales are transactions in which borrowers owe more on their mortgages than their homes are worth but the lender agrees to a discounted payoff. Last month's percentage was higher than a year ago, at 18.5 percent, but was lower than the peak in January, which was 24 percent.
Sales done in cash or led by what appeared to be investors also eased last month, DataQuick figures show.
Absentee buyers
These are usually investors or vacation-home buyers. Last month, they made up more than 28.2 percent of total home buyers, falling from 30.1 percent in February and but rising from 26.5 percent a year ago. February marked the peak in this data series, which starts in 2000.
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Last modified on Tuesday, 24 April 2012 08:44
Earl Gervais
Website: www.socalsandiegorealty.com/
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