California pending home sales lower in December; distressed sales rise as lenders push through more REOs, short sales, C.A.R. reports

LOS ANGELES, CA – January 25, 2012 – (RealEstateRama) — The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Pending Home Sales Index dropped as expected between November and December, tracking the annual seasonal slowdown. However, the index was higher than a year ago for the eighth straight month, a trend that bodes well for the start of the spring home-buying season. C.A.R. also reported that sales of distressed properties increased in December, as lenders pushed to close REOs and short sales to move them off their balance sheets before the end of the year.