by Bill McBride on 8/14/2012 03:18:00 PM
Tuesday, August 14, 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, the share of distressed sales is down from July 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. In most areas, short sales are higher than foreclosures, and for some areas like Phoenix, Reno and Las Vegas, short sales are now double the rate of foreclosures.
Below is a table showing the share of home sales by realtors in various markets identified in local MLS as being “distressed,” as reported by local realtor associations or MLS.
As the table indicates, the distressed sales share of total sales last month was down compared to last July in all of the above markets, in some (but not all) cases by significant amount. And for those areas breaking out “distressed” sales by short sales or foreclosures, in most (but not all) cases the short sales share was higher, and the foreclosure sales share significantly lower, than a year ago.
|Short Sales Share||Foreclosure Sales Share||Total "Distressed" Share|
|Hampton Roads VA||29.1%||30.3%|
[The second table shows] the YOY growth in total home sales and in “non-distressed” home sales for each of the these areas, as reported by local realtor associations/MLS.
While home sales for these markets combined this July were actually down a bit from last July, “non-distressed” home sales were up by almost 23%.
CR Note: In the post Home Sales Reports: What Matters, I noted: "When we look at sales for existing homes, the focus should be on the composition between conventional and distressed." Even if existing home sales declined in July, the composition appears to be shifting towards more conventional sales - a positive.
|YOY % Growth, Home Sales (July 2012)|
|Hampton Roads VA||20.1%||22.1%|
|Total of Above Markets||-0.9%||22.8%|