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Pending Home Sales Up Statewide, Realtor Group Says

Californians looked to purchase more homes in October, pushing pending single family home sales up about 3 percent from September, a real estate organization said Monday. The California Association of Realtors also said its pending home sales index—which chronicles contracts signed during a month—rose 10.7 percent last month when compared with the same period last year. “October’s increase in pending sales is encouraging, especially the six straight months of year-over-year increases,” C.A.R. President LeFrancis Arnold said in a statement. “Despite all the challenges the housing market has faced this year, California home sales continue to perform modestly well and should be on pace to match or better last year’s level.” The organization, which does not break down pending sales by county, also released data on distressed housing sales. The percentage of distressed single family homes sales—including short sales and real estate owned properties—was up in October, accounting for 46.1 percent of total home sales compared with 44.5 percent in September and 44.8 percent in October 2010. In Los Angeles County, distressed home sales accounted for 48 percent of sales, up two percent from the previous month and October 2010, the organization said.

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