The California Association of Realtors (CAR) says pending home sales increased for the second straight month in Feb. Equity sales comprised 51.1 percent of home sales in Feb., a slight increase from 49.9 percent the prior month, and 44.8 percent a year ago. According to NationalMortgageNews distressed property sales statewide edged down in Feb. to 48.9 percent, a drop from 50.1 percent in Jan. and from 55.2 percent a year ago. Short sales accounted for 23 percent of the distressed property sales in Jan., a drop from 23.8 percent the previous month but a slight increase from last Feb.’s 22.9 percent. President of CAR LeFrancis Arnold says, “A lack of inventory in the bank-owned and short sale market was a contributing factor to the decline in share of distressed sales in February. In fact, REO inventory declined 24% in February from the previous year, while short sale inventory dropped 17% during the same period.”
