by Bill McBride on 6/12/2012 02:28:00 PM
Tuesday, June 12, 2012
CR Note: Yesterday 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 has been digging up similar data, and he sent me the table below for several more distressed areas. For all of these areas, except Las Vegas, the share of distressed sales is down from May 2011 - and for the areas that break out short sales, the share of short sales has increased (except Minneapolis) and the share of foreclosure sales are down - and down significantly in some areas.
Note that the distressed sales shares in the below table are based on MLS data, and often based on certain “fields” or comments in the MLS files, and some have questioned the accuracy of the data. Some MLS/associations only report on overall “distressed” sales, while others (e.g., Birmingham) only report on the foreclosure share of sales.
I’m not quite sure why the short-sales share (based on MLS reports) in the Minneapolis area is so low relative to other MLS-based reports for areas with “high” distressed-sales shares.
The most striking shift from a year ago, of course, is the sharp drop in the foreclosure share of home sales – with the drop in Phoenix being nothing short of amazing. Most, but not all, areas also saw a significant increase from a year ago in the short-sales share of resales. And finally, most areas have seen a YOY drop in the overall “distressed” sales share, and saw a significant YOY increase in non-distressed sales.
|Short Sales Share||Foreclosure Sales Share||Total "Distressed" Share|
|Hampton Roads VA||26.3%||31.0%|