Monday, November 12, 2012

Lawler: Preliminary Table of Short Sales and Foreclosures for Selected Cities in October

by Bill McBride on 11/12/2012 07:08:00 PM

Economist Tom Lawler sent me the following preliminary table today of short sales and foreclosures for a few selected cities in October. Over the weekend I posted some data from Sacramento showing a sharp increase in conventional sales, and that distressed sales have fallen to the lowest level since the Sacramento Association started tracking the data.

There has been a shift from foreclosures to short sales. Foreclosures are down and short sales are up in all of these cities. In most areas, short sales far out number foreclosures, although Minneapolis is an exception with more foreclosures than short sales.

The overall percent of distressed sales (combined foreclosures and short sales) are down year-over-year almost everywhere. In the cities listed below, distressed sales are down about 25% from a year ago.

And previously from Lawler:

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.

Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas44.7%25.4%11.6%48.1%56.3%73.5%
Mid-Atlantic (MRIS)11.7%15.2%9.1%16.0%20.7%31.2%
Charlotte    13.2%17.4%
Memphis*  26.3%30.8%  
Birmingham AL  30.8%35.5% 
*share of existing home sales, based on property records