Just using Sacramento as an example …

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The Sacramento Association of REALTORS® is now breaking out monthly resales by equity sales (normal resales), and distressed sales (Short sales and REO sales). Here is the August data.

They started breaking out REO sales last year, but this is only the third monthly report with short sales. Almost two thirds of all resales (single family homes and condos) were distressed sales in August.

Total sales in August were off 10% compared to August 2008; the third month in a row with declining YoY sales.

On financing, over half the sales were either all cash (24.7%) or FHA loans (26.9%), suggesting most of the activity in distressed buying prescription drugs online bubble areas like Sacramento is first-time home buyers using government-insured FHA loans (and taking advantage of the tax credits), and investors paying cash.