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Distressed single-family home sales drop

The percentage of distressed single-family home sales have declined both for San Diego County and the state as a whole.

The California Association of Realtors reports that San Diego’s distressed single-family home sales declined to just 13 percent of the total in November, down from 14 percent in October and 27 percent in November 2011.

California saw its distressed sales percentage drop from 50 percent of the transactions in November 2011 to 37 percent in October 2012 to 35 percent in November 2012. Madera County had the highest ratio of distressed sales in November at 58 percent; San Mateo County had the lowest percentage in November at 17 percent.

Statewide, the CAR report said the share of equity (non-distressed) sales in November was at its highest level since May 2008 when the share was 66.5 percent. Of the distressed properties, the share of short sales in the state 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 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 California 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.

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