Friday, July 10, 2009

Sacramento: 70 Percent Distressed Sales in June

by Bill McBride on 7/10/2009 10:12:00 PM

Just using Sacramento as an example ... I wish the NAR broke out the data like this!

Distressed Sales Click on graph for larger image in new window.

The Sacramento Association of REALTORS® is now breaking out monthly resales by equity sales (normal resales), and distressed sales (Short sales and REO sales). Here is the June data.

They started breaking out REO sales last year, but this is the first monthly report with short sales.

Just over 70% of all resales (single family homes and condos) were distressed sales.

Total sales in June were off 7% compared to June 2008, and that breaks a string of YoY increases.

This is just a reminder - with 70% distressed sales, there will be few move-up buyers for the higher priced areas.