• Pending Home Sales Mixed in February; Distressed Properties Falling


    LOS ANGELES (CNS) – Pending home sales in California were higher in February than January but lower than in February of 2012, while the number of distressed properties on the market is falling, the California Association of Realtors reported today.

    The association’s Pending Home Sales Index rose 8.7 percent from a revised 101.4 in January to 110.2 in February, based on signed contracts, CAR reported in a statement issued from its Los Angeles headquarters. But it said that pending sales were down 8.2 percent from the 120 index recorded in February 2012.

    Pending home sales are indicators of future home sales activity, providing information on the future direction of the market, according to CAR.

    The share of equity sales, meanwhile, is rising, accounting for more than two-thirds of all home sales for the first time since April 2008, according to CAR. Equity sales involve non-distressed property, in which the seller has money invested.

    The share of equity sales in February increased to 67.1 percent, up from 64.4 percent in January, according to CAR, which said the February level of equity sales was the highest since April 2008, when the share was 67.3 percent. Equity sales made up less than half — 46.7 percent of all sales — in February 2012.

    The combined share of all distressed property sales dropped to 32.9 percent in February, down from 35.6 percent in January and down from 53.3 percent in February 2012, the CAR statement said.

    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)


    Loading ... Loading …

    Comments are closed

     
  • The 626 Night Market has successfully completed its July return at Santa Anita Park, and my has it come a long way since its inception in April of 2012 in Old Town Pasadena....
    Happy New Year! Rose Parade Float Trophy Winners...
    The San Marino 9-10 Softball All-Stars completed a magical run and finished 2nd in all of Southern California Little League. The local girls represented San Marino and all of District 17 – including Pasadena Southwest Little League and Pasadena America...
    It takes something extraordinary to keep me in San Marino at 8:00 p.m. on a Friday – a student performance or sporting event being the most common – but I admit to being a little bit of a curiosity seeker last weekend....
    Local fine artist Sam Nicholson is donating 25 percent of any of his paintings purchased by supporters of the Pasadena-headquartered non-profit Hillsides....
     
     
     
    Directory powered by Business Directory Plugin