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SD's distressed sales down in November

The share of distressed home sales in San Diego decreased to 13 percent in November, down from 14 percent in October and 27 percent in November 2011, according to the California Association of Realtors (CAR).

Statewide, the share of equity sales – or non-distressed property sales – compared with total sales rose in November.

The share of equity sales in November increased to 64.9 percent, up from 63.4 percent in October -- the highest level since May 2008, when the share was 66.5 percent.

Equity sales made up 50.2 percent of all sales in November 2011.

The combined share of all distressed property sales dropped to 35.1 percent in November, down from 36.6 percent in October and down from 49.8 percent in November 2011.

Of the distressed properties, the share of short sales was 23.4 percent in November, down from 24.4 percent in October but up slightly from 23 percent a year ago.

The share of lender-owned (REO) sales dipped from 11.8 percent in October to 11.3 percent in November, and was down from 26 percent in November 2011.

The available supply of REOs eased slightly in November, with the Unsold Inventory Index for REOs inching up from 1.9 months in October to 2.1 months in November.

The November Unsold Inventory Index for both short sales and equity sales was 3.1 months.

Seasonal factors sent California pending home sales lower in November, according to CAR.

CAR’s Pending Home Sales Index (PHSI) fell 14.4 percent from a revised 121 in October to 103.5 in November, based on signed contracts.

Pending sales were down 0.9 percent from the 104.4 index recorded in November 2011.

Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

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