This is a excerpt from National Mortgage News published today.
California pending home sales increased in May, resulting in the first year-over-year increase in 18 months, according to the California Association of Realtors.
The index in May rose 1.6% from the previous month, which is based on contracts signed. Compared to May 2010, this year’s index was up by 12%.
“May marked the largest annual increase since August 2009,” said Beth Peerce, president of the California Association of Realtors.
“May’s increase in pending sales is consistent with our expectation that home sales in the second half of 2011 should be higher compared with the second half of 2010. As a result, annual sales for all of 2011 should match or exceed last year’s annual pace.”
The total share of distressed properties sold remained the same from April to May at 48%. However, the total is up 2% in May 2010. Madera County had the most distressed homes sold last month at 90%, followed by Lake County at 80% and Solano County at 71%.
Of the distressed properties sold throughout the state, REO sales was the same from month-to-month at 28%. This share is also up 2% from the same time period last year.
Statewide short sales were down from May 2010 by 1%, currently at 19% of the total monthly sales.
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