by Bill McBride on 12/10/2012 03:55:00 PM
Monday, December 10, 2012
Economist Tom Lawler sent me the following preliminary table today of short sales and foreclosures for a few selected cities in November.
There will be more cities added soon.
For all of these cities, the percentage of foreclosures is down from a year ago. The percentage of short sales is up in Las Vegas and Reno, but down in Phoenix and in the mid-Atlantic area.
Look at the overall percent of distressed sales (combined foreclosures and short sales). There is a large year-over-year decline in distressed sales in all of these cities.
I think the two key numbers for real estate markets are 1) inventory, and 2) the percent of conventional sales (non-distressed sales). Inventory is falling, and the percent of conventional sales is increasing - and those are positive signs.
|Short Sales Share||Foreclosure Sales Share||Total "Distressed" Share|