'Government Intervention' Drives Down Distressed Sales in California

'Government Intervention' Drives Down Distressed Sales in California

DSNews cites PropertyRadar, July 19, 2013. "Distressed property sales have declined drastically in California over the last year, according to a recent report from PropertyRadar.

In June, sales for distressed homes and condominiums plunged 46.5 percent year-over-year in June. On the other hand, non-distressed property sales shot up by 31.3 percent during the same time period.

Government intervention is the main driving force behind the declines in distressed property sales, according to the report authored by Madeline Schnapp, director of economics research at the firm.

For example, PropertyRadar reported California foreclosure sales totaled 2,159 in June, representing a 14.1 percent decrease from May and a 63.6 percent decline."

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