San Jose, Calif., – Sales of distressed homes in Santa Clara County have dropped dramatically since the start of the recession.
In January, 7.7 percent of homes sold in the county were distressed, according to statistics from the California Association of REALTORS®. By comparison, 68 percent of homes were distressed in January 2009. This figure included sales of short sale properties and real estate-owned properties, or REOs.
Sales of distressed properties have gone down due to a significant increase in home prices, said Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®.
“Home values in our area have risen substantially since the recession began five years ago,” Von Raesfeld said. “The additional equity has helped all home owners, but especially those whose properties were underwater. They no longer have to worry about having to sell their homes in a short sale, or letting their homes go into foreclosure.”
The average sale price of a single-family home in Santa Clara County in January was $959,990. By comparison, the average price of a single-family home in January 2009 was $561,711, according to MLSListings statistics.
Santa Clara County in January had the second-lowest percentage of distressed home sales out of all the counties statewide that reported to C.A.R. The lowest percentage was in San Mateo, where 6.8 percent of homes were distressed.
Sales of distressed homes have plummeted not only in Santa Clara County, but statewide. In January, 15.6 percent of homes in California were distressed, compared to 69.5 percent in January 2009, according to C.A.R.
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California’s oldest and Northern California’s largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.