Tuesday, November 06, 2012

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

by Bill McBride on 11/06/2012 03:20:00 PM

Economist Tom Lawler sent me this today with this note: "I found a few more realtor reports on distressed sales shares for the third quarter."

Previous comments: A couple of clear patterns have developed:

1) There has been a shift from foreclosures to short sales. Foreclosures are down and short sales are up in most areas. For two cities, Las Vegas and Reno, short sales are now three times foreclosures, although that is related to the new foreclosure rules in Nevada. Both Phoenix and Sacramento had over twice as many short sales as foreclosures. A year ago, there were many more foreclosures than short sales in most areas. Minneapolis is an exception with more foreclosures than short sales.

2) The overall percent of distressed sales (combined foreclosures and short sales) are down year-over-year almost everywhere. Chicago is essentially unchanged 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
12-Sep11-Sep12-Sep11-Sep12-Sep11-Sep
Las Vegas44.8%23.5%13.6%49.4%58.4%72.9%
Reno41.0%29.0%12.0%38.0%53.0%67.0%
Phoenix27.0%27.0%12.9%37.1%39.9%64.1%
Sacramento35.4%26.1%15.4%37.9%50.8%64.0%
Minneapolis10.1%13.1%25.2%32.9%35.3%46.0%
Mid-Atlantic (MRIS)12.4%12.6%9.4%14.4%21.8%27.0%
Orlando28.0%25.6%24.0%35.9%52.0%61.5%
California (DQ)*27.0%23.8%17.7%33.8%44.7%57.6%
California (CAR)24.3%21.0%12.3%27.5%37.0%48.7%
Lee County, FL***21.4%21.4%15.9%31.5%37.3%52.9%
Colorado**6.5%6.1%12.3%19.8%18.7%25.8%
King Co. WA**16.0%10.0%10.0%22.0%25.0%32.0%
Hampton Roads VA    25.4%31.6%
Miami-Dade    47.4%59.6%
Northeast Florida    44.7%49.0%
Chicago    40.6%40.0%
Rhode Island    23.9%28.9%
Miami-Dade    47.4%59.0%
Charlotte    15.3%20.9%
Columbus OH**    25.2%30.5%
Memphis*  26.3%30.8%  
Birmingham AL  26.6%31.8%  
Houston  16.1%19.4%  
*share of existing home sales, based on property records
**Third Quarter
*** SF only

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