Distressed home sales drop in April

Foreclosure HomeForeclosure HomeDistressed home sales dropped in California for the month of April spelling better fortune for the equity housing market.

Distressed sales, like short sales or sales of bank-owned foreclosures, dropped to 42 percent of all home sales in April, according to figures released by the California Association of Realtors.

That compares to 45.5 percent in March and 47.7 percent in April 2011.

Meanwhile, equity sales, or non-distressed home sales, went up to 58 percent in April compared to 54.5 percent in March and 52.3 percent a year earlier.

In Fresno County, distressed sales totaled 62 percent of all home sales, up from 60 percent in March but even with April 2011.

Madera County's distressed sales were at 67 percent in April, a slight drop compared to 68 percent in March but a significant increase from 56 percent a year ago.

Among 28 counties for which C.A.R. received information, Lake County had the highest proportion of distressed home sales at 79 percent. San Mateo County had the lowest proportion at 26 percent.

Among California's distressed home sales, REO (real estate owned) properties sold by a bank or other lender made up 22.3 percent of sales in April compared to 24.1 percent in March and 28.3 percent a year earlier.

Short sales made up 19.4 percent of sales in April compared to 21 percent in March and 19.1 percent in April 2011.