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Tuesday, January 6, 2015
Ventura County Short Sale Specialist, Distressed-Home Prices Surge to 5-Year High
Distressed-home prices are rising at a faster pace, increasing 18 percent from a year ago. Prices of non-distressed homes are up 14 percent during the same time period, RealtyTrac reports.
"As the price of distressed properties reaches a new high, the pool of investor activity that has been fueling the housing recovery may dry up," says Daren Blomquist, vice president at RealtyTrac. "However, 20 states still saw annual decreases in distressed property prices, so we will continue to see a fragmented recovery as investors move from once-hot markets such as Phoenix, Atlanta, and many California markets and into markets such as Charlotte, N.C., Columbus, Ohio, Dallas, and Oklahoma City."
The following metro areas reported the highest percentage of distressed and short sales combined in November:
Las Vegas: 36.3%
Stockton, Calif.: 27.6%
Jacksonville, Fla.: 25.1%
Modesto, Calif.: 25.1%
Meanwhile, short sales reached pre-recession levels nationwide, accounting for 3.4 percent of all residential property sales in November, RealtyTrac reports. Short sales were below the pre-recession average of 4.5 percent a month. Still, short sales remained elevated in five states: Rhode Island, West Virginia, Vermont, New Jersey, and Illinois.