While the share of distressed sales Ã¢â‚¬" REOs and short sales Ã¢â‚¬" is on the rise when tallying numbers nationwide, it's falling in California.[IMAGE]
The ""California Association of Realtors"":http://www.car.org (C.A.R.) reports that the total share of all distressed property types sold statewide declined in March to 51 percent, down from 56 percent in February.
""Consistent with the state as a whole, nearly all the counties for which we have data also experienced an improvement in distressed sales,"" said C.A.R. President Beth L. Peerce. ""However, distressed sales in most of the[COLUMN_BREAK]
counties were higher than a year ago, as the market continues to work through large numbers of troubled mortgages.""
According to the local Realtor group, REOs accounted for 31 percent of the state's home sales last month, while short sales made up 20 percent.
The median price of homes sold in the state varied dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
C.A.R. reports that the statewide median price of non-distressed properties sold in March was $386,500.
That's 88 percent Ã¢â‚¬" or $181,500 Ã¢â‚¬" higher than the March REO median price of $205,000.
The short sale median price of $274,700 came in 41 percent Ã¢â‚¬" or $111,800 Ã¢â‚¬" below the median price for non-distressed properties.
C.A.R. notes that price differences across short sales, REOs, and non-distressed properties reflect variances in the condition of the property, with REOs typically being in worse condition than short sales and non-distressed properties. A seller's circumstance, such as needing to sell under duress, is also a factor.