California home sales slowly gaining momentum
Posted on Thursday, March 29, 2012 at 5:00:20 PM
According to the California Association of Realtors, pending homes sales in the state are increasing as the share of equity sales improve after the previous two months decline. The Pending Sales Index (PHSI) rose from 102.3 percent in January to 127.8 in February, which is based on the number of signed contracts.
"A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February," said C.A.R. President LeFrancis Arnold. "In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period."
Consumers seeking a new home in the current California housing market may be able to buy a property in an area previously unattainable. First-time homebuyers featuring excellent credit scores, steady employment and an estimated 20 percent down payment of the property cost can find numerous houses within their grasp. Homebuyers should measure residential financing options judiciously to determine the best deal.