Half of Properties for Sale in California Are Distressed
June 15th, 2011Via: CNBC:
As big banks and Fannie Mae and Freddie Mac push foreclosures through the pipeline, the inventory of REO (bank-owned) properties is rising.
That pushes distressed and overall home prices down.
Note in California, median home prices took their steepest dive in May, down 8.2 percent year over year to $280,000, as distressed sales made up more than half the market.
Related: U.S. Housing Crisis Is Now Worse Than Great Depression
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