Thursday, April 28, 2011
The University of San Diego report shows more than half of the single-family homes that changed hands in the first three months of the year in San Diego County were short sales, foreclosures and bank-owned sales.
The report says the sales of distressed properties as compared to the overall number of homes that are sold, is an indicator of the health of the real estate market.
The report shows regular sales of homes for which the finances are in order made up half the transactions near the end of last year. But their share dropped to 45 percent in the first three months of this year.
The report authors said they expect lenders to continue shedding the properties they own and continuing with foreclosures, while the number of short sales will continue to be high.