Seasonal factors, combined with low housing inventory, particularly a lack of real estate-owned homes, drove California pending home sales lower in December, the California Association of Realtor recently reported. However, the share of distressed properties increased in December, as lenders pushed to close short sales and move them off their balance sheets.
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Pending home sales data:
CAR’s Pending Home Sales Index fell 20.5 percent from a revised 103.5 in November to 82.3 in December, based on signed contracts. Pending sales were down 6.5 percent from the 88.1 index recorded in December 2011. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
Distressed housing market data: