The NEW Property Report – March 2013

From: ForeclosureRadar [mailto:info@foreclosureradar.com]
Sent: Thursday, April 18, 2013 8:32 AM
To: tim@prodefenders.com
Subject: The NEW Property Report – March 2013

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March 2013 California real estate sales – the sum of distressed and non-distressed property sales – fell 12.9 percent year-over-year. Some of the decline this year is likely due to the roving Easter holiday that landed on March 31 this year and April 8 last year. Over a longer time period, however, Q1 2013 sales are still at their lowest since 2008.

In addition to an overall downturn in sales, the mix of properties for sale in March changed markedly. When sales are divided into distressed and non-distressed sales, non-distressed sales increased to 62.9 percent of total sales in March 2013, up from 48.8 percent and 50.8 percent in January and February 2013, respectively.

Since January 2012 of 65.5 percent, distressed property sales as a percent of total sales gradually declined to 48.8 percent in February 2013. While still a large portion of the market and nearly four times the pre-housing crisis average, distressed property sales in March 2013 saw a sharp decline to 37.1 percent of total sales.

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Source: ForeclosureRadar.com

REO resales declined from 24.5 percent of total sales in February, to 13.8 percent of total sales in March. The decline in bank REO resales is perplexing and we are conducting further research to determine the root cause.
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Author: timothymccandless

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One thought on “The NEW Property Report – March 2013”

  1. Decline in bank REO resale is due to supply squeeze in the Supply-Demand modelin Economics. Even demand stays the same the drop in supply pushes price up.Now the asset side of the balance sheet looks like a rose. Back in 2009-2011 banksare under the pressure to mark to market, i.e. lose half their market capitalization.By limiting supply (in spite of the 5.2 million distressed homes in inventory nationwide)that solves the problem… Date: Thu, 18 Apr 2013 17:18:50 +0000 To: marinayrr@hotmail.com

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