by Bill McBride on 5/10/2012 04:44:00 PM
Thursday, May 10, 2012
CR Note: Earlier I posted some distressed sales data for Sacramento. I'm following the Sacramento market to see the change in mix over time (short sales, foreclosure, conventional). Economist Tom Lawler sent me the following table for several other distressed areas. For all of the areas, the share of distressed sales is down from April 2011, the share of short sales has increased and the share of foreclosure sales are down - and down significantly in some areas.
Economist Tom Lawler wrote today: "Note that there are BIG declines in the foreclosure share of resales this April vs. last April, reflecting sharply lower REO inventories."
Tom has been looking at the incoming data from various areas of the country, and wrote today: "There seems little doubt that the NAR’s median existing SF home sales price for April will show a good-sized YOY increase, probably over 5%." In March, the NAR reported median prices were up 2.5% year-over-year.
Of course the median price is impacted by the mix, and some of the increase in the median price is probably due to fewer foreclosure sales at the low end.
Note: The table is as a percentage of total sales. Note that the percent of short sales has been increasing, and the percent of foreclosure sales has been declining - and the percent of total distressed sales has been declining too (but is still very high).
In four of the six cities, there are now more short sales than foreclosure sales!
|Short Sales Share||Foreclosure Sales Share||Total "Distressed" Share|