Monday, December 10, 2012

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

by Bill McBride on 12/10/2012 03:55:00 PM

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 ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas41.2%26.8%10.7%46.0%51.9%72.8%
Mid-Atlantic (MRIS)11.9%13.7%8.7%14.2%20.6%27.9%