IE Business Daily Business news for the Inland Empire.
In another sign that the state’s housing market is on the mend, sales of bank-owned homes now make up only five percent of the state’s total home sales.
That’s quite a drop from nearly five years ago: at the start of 2009, repossessed homes accounted for nearly 60 percent of the home sales in California, according to a report originally published in the Inland Valley Daily Bulletin.
The median price of a home statewide is expected to increase to $432,800 next year. That would be a six percent increase compared with the projected median price for 2013, $408,600, according to the report, which cited data from the California Association of Realtors.
Several factors were cited for the drop in bank-owned sales, including homeowners and banks avoiding foreclosure, implementation of the state’s Homeowners Bill of Rights and the large number of foreclosures that have already been processed.
Home prices in California have risen dramatically since last summer, but that trend is expected to slow down next year, according to the report.
