Friday, February 15, 2013

Update: Table of Short Sales and Foreclosures for Selected Cities in January

by Bill McBride on 2/15/2013 07:13:00 PM

Economist Tom Lawler sent me this updated table (below) of short sales and foreclosures for several selected cities and areas in January. 

Look at the right two columns in the table below (Total "Distressed" Share for Jan 2013 compared to Jan 2012). In every area that reports distressed sales, the share of distressed sales is down year-over-year - and down significantly in many areas. 

Also there has been a decline in foreclosure sales just about everywhere. Look at the middle two columns comparing foreclosure sales for Jan 2013 to Jan 2012. Foreclosure sales have declined in almost all of these areas (Orlando is an exception), and some of the declines have been stunning (the Nevada sales were impacted by a new foreclosure law). 

Also there has been a shift from foreclosures to short sales. In most areas, short sales now out number foreclosures (Minneapolis and Orlando are exceptions).

Overall this is moving in the right direction, although some areas are lagging behind.

Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
13-Jan12-Jan13-Jan12-Jan13-Jan12-Jan
Las Vegas36.2%28.1%12.5%45.5%48.7%73.6%
Reno41.0%37.0%10.0%40.0%51.0%77.0%
Phoenix17.6%29.8%16.2%27.9%33.8%57.7%
Sacramento30.3%32.1%14.2%34.5%44.5%66.6%
Minneapolis10.6%16.2%32.3%39.0%42.9%55.2%
Mid-Atlantic (MRIS)13.1%16.4%12.7%16.9%25.8%33.3%
Orlando23.7%37.6%26.7%26.2%50.4%63.7%
California (DQ)*26.1%27.0%18.7%34.3%44.8%61.3%
Bay Area CA (DQ)*23.3%28.1%14.4%27.2%37.7%55.3%
So. California (DQ)*25.9%27.2%15.0%32.6%40.9%59.8%
Hampton Roads34.9%37.2%
Chicago49.0%52.0%
Charlotte18.1%21.0%
Metro Detroit36.3%54.5% 
Memphis*25.9%36.6% 
Birmingham AL30.2%38.2% 
*share of existing home sales, based on property records

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