California Foreclosure Sales Falling Off

Equity Market At Four-Year Highs

In a report released by the California Association of Realtors (CAR), statistics suggest the housing market may be on the track to recovery. Experts claim that sales numbers are at their highest level since 2008, and that foreclosures and short sales have been steadily decreasing.

The report concerns the state's foreclosure and short sales markets for the month of October this year. Real estate market watchers with CAR believe that the statistics give cause for optimism, with distressed sales (foreclosures and short sales) in free fall compared to their levels over the past few years.

According to the statistics quoted in the release, distressed sales have declined significantly from September 2012, and have plummeted by nearly fifty percent from their rate in the previous October. This drop off could, however, be attributed to banks and lenders simply choosing to put foreclosures on the market, perhaps waiting for a more favorable climate. Still, the decreasing numbers have many experts believing in the possibility of a recovery.

Statistics Bode Well For Future Gains

In addition to these decreases, the report also suggests that non-distressed sales, also known as equity sales, are rising to fill the gap. Equity sales numbers rose by nearly fifty percent from last October, which puts them at a four-year high. CAR claims that non-distressed sales have not been at this level since June of 2008.

Most promising of all, CAR announced in the report, is the resurgent PHSI, or Pending Homes Sales Index. This figure measures the future of the equity sales market, CAR claims, and provides a reliable barometer to predict the behavior of non-distressed sales. With PHSI rising, forecasters believe that the beginning of the California market recovery could be happening before our eyes.

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