Anyone who reads my blog knows I like to try to keep my readers informed not only on what is happening here in the Napa Valley, but occasionally statewide and nationwide. Thus the following article in a recent issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS® contained some very good news regarding underwater home owners here in the Golden State. Remember, underwater means the owner owes more in mortgages than the house can sale for.
- Distressed home sales continued to decline in April, as previously underwater homes rose in value, and the share of REO sales registered in the single-digits for the first time in more than five years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported
- The combined share of all distressed property sales registered its lowest level since February 2008, dropping to 24.4 percent in April, down from 27.9 percent in March and down from 45.8 percent in April 2012. The share of all distressed sales in most counties also declined significantly from the previous year, with Alameda, Contra Costa, Marin, Orange, San Diego, San Mateo, and Santa Clara registering in the single- or low double-digits in April.
- The share of equity sales – or non-distressed property sales – now make up more than three-fourths of total sales, the highest share since February 2008. The share of equity sales in April increased to 75.6 percent, up from 72.1 percent in March. Equity sales made up more than half (54.2 percent) of all sales in April 2012.
The available supply of homes was relatively unchanged from March but remained tight. In April, the Unsold Inventory Index for REOs dipped from 1.8 months in March to 1.7 months in April. At 2.7 months, the supply of short sales remained unchanged in April. The April Unsold Inventory Index for equity sales was 2.9 months, down from 3 months in March.
Hopefully you are not in this position but if you are, hopefully your home value is on the rise and soon will be “afloat” once again.
let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property, please contact me