What's New at Moore Appraisals

Southern California home sales held at a three-year low last month amid a sluggish move-up market and record-low sales of newly built homes. The median sale price fell year-over-year by the largest amount in 20 months as buyer uncertainty, tight credit and lackluster hiring continued to restrain housing demand, a real estate information service reported.

Distressed property sales continued to account for more than half of the Southland resale market last month, with little change from April. Roughly one out of three homes resold was a foreclosure, while about one in five was a “short sale,” where the sale price fell short of what was owed on the property.

Foreclosure resales – properties foreclosed on in the prior 12 months – made up 33.4 percent of the Southland resale market in May, down slightly from 33.8 percent in April and 33.9 percent a year earlier. Foreclosure resales peaked at 56.7 percent in February 2009.

Short sales made up an estimated 18.0 percent of resales last month. That was up from an estimated 17.1 percent in April, down from 20.1 percent a year earlier, and up from 12.9 percent two years ago. Source: DQ News.