Distressed home sales in California accounted for 48% of all purchase transactions in April, a three-point decline from the prior month, according to new figures compiled by the California Association of Realtors.
April marks the second straight month in which distressed sales fell. (In April 2010, distressed sales accounted for 49% of purchase transactions.)
REO sales by depositories and nonbanks accounted for 28% of the distressed market in the state. This is a decrease from 31% in March and down from 30% last April.
Short sales were also lower in April (19%) compared to the previous month, when the reading was 20%.
“The share of sales of non-distressed properties increased during April, as bargain hunters and investors were joined by home buyers who are timing their buying decisions to coincide with the start of the spring home buying season,” said Beth Peerce, president of CAR.
Solano County led the state with the most distressed homes sold in the month with 73%. This is 3% lower than the March high, but 1% more than the same period last year.
Other notable counties that had a majority of their sales as distressed properties include San Bernardino with 70%, Sacramento with 67% and Riverside with 66%.
