Wednesday, June 12, 2013

Lawler: Table of Distressed Sales and Cash buyers for Selected Cities in May

by Bill McBride on 6/12/2013 04:44:00 PM

Economist Tom Lawler sent me the table below of short sales, foreclosures and cash buyers for several selected cities in May. 

Look at the two columns in the table for Total "Distressed" Share. In almost every area that has reported distressed sales so far, 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 in all of these cities.  Also there has been a shift from foreclosures to short sales. In all of these areas - except Minneapolis- short sales now out number foreclosures.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
May-13May-12May-13May-12May-13May-12Apr-13Apr-12
Las Vegas31.8%32.6%10.3%34.7%42.1%67.3%57.9%54.4%
Reno27.0%39.0%7.0%22.0%34.0%61.0%
Phoenix12.3%26.6%9.7%16.9%22.0%43.4%38.9%46.3%
Sacramento22.5%30.1%7.5%28.1%30.0%58.2%33.6%31.5%
Minneapolis6.8%10.6%20.1%28.8%26.9%39.4%18.7%20.1%
Mid-Atlantic (MRIS)8.2%11.8%7.2%10.2%15.5%22.1%16.7%17.2%
So. California*17.7%24.3%10.8%26.9%28.5%51.2%31.9%32.1%
Hampton Roads  26.3%26.3%  
Memphis*  21.5%30.5%    
Birmingham AL  21.0%27.3%    
*share of existing home sales, based on property records

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