Nearly one out of every two houses sold in Orange County last month was either a bank-owned home or a “short sale,” the California Association of Realtors reported this week.

“Distressed homes” accounted for a greater share of all existing single-family homes sold in O.C. last month compared to both January and to February 2010.

The state Realtor Group reported:

• 48% of all existing single-family homes sold in O.C. in February were distressed sales — either because they were homes previously seized by lenders through foreclosure or because they were short sales. (Short sales are homes selling for less than the amount owed on their mortgage.)
• That compres to 43% of all sales in January and 42% in February 2010.
• Statewide, distressed sales accounted for 56% of all existing single-family home sales. That’s up from 54% in January and 55% in February 2010.
• Bank-owned homes accounted for 33% of the homes sold statewide, and short sales accounted for 23%.