California Short Sales Reach Highest Level in Three Years.

Pending homes sales in California were higher for January compared to the previous month and year, and short sales rose to the highest level in three years, according to the California Association of Realtors (C.A.R.).

Based on signed contracts, C.A.R.‘s Pending Home Sales Index (PHSI) climbed from a revised 91 in December to 102.4 in January and was also up from last year when the PHSI was 93.1 in January 2011. Pending home sales are indicators of future home sale activities, providing information on where the market might be heading.

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