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The total share of all distressed property types sold statewide in January was 54 percent, up from 50 percent in December, but down from 56 percent in January 2010.

Conventional sales made up the remaining share at 46 percent in January, down from 50 percent in December, but up from 44 percent in January 2010.

Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 32 percent in January, up from 30 percent in December, but was down from 37 percent in January 2010.

The statewide share of short sales increased to 22 percent in January, up from 20 percent in December and up from 19 percent in January 2010. 

•   The median price of homes sold in the state differed dramatically depending on the property
     type, with non-distressed properties selling for much higher prices than short sales and
     foreclosures. 

•   The statewide median price of conventional properties sold in January was $367,150, 38
     percent higher than the short sale median price of $265,500 recorded in January, and 85
     percent higher than the January REO median price of $198,000.

                     

C.A.R.’s Distressed Home Sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.

Source C.A.R.