Just a few points about the 2008-2009 California housing market overall:
Key findings from C.A.R.’s “2008-2009 State of the Housing Market” report include:
Approximately one in five home sales was due to foreclosure, short sale, or default.
Consistent with the increasing trend of distressed sales, almost one of five (19.8 percent) sellers sold their property because the property was in foreclosure, short sales, or default, an increase of 6 percent from 2007.
Distressed properties sold during 2008 had a median sales price of $330,000, a median price per square foot of $197, and a median size of 1,600 square feet.
More than half of the distressed properties sold were Real Estate Owned (REO) (54.8 percent), almost one-third were short sales (31.2 percent) and the remainder were foreclosures (14.1 percent).
Non-distressed properties had a median price of $541,000, a median price per square foot of $315, and a median size of 1,766 square feet.
