Friday, August 09, 2013

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

by Bill McBride on 8/09/2013 03:49:00 PM

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

From CR: Look at the two columns in the table for Total "Distressed" Share. In every area that has reported distressed sales so far, the share of distressed sales is down significantly year-over-year. 

Also there has been a sharp decline in foreclosure sales in all of these cities.  

And now short sales are declining year-over-year too!  This is a recent change - short sales had been increasing year-over-year, but it looks like both categories of distressed sales are now declining.

The All Cash Share is mostly staying steady.  The all cash share will probably decline when investors pull back in markets like Las Vegas and Phoenix (already declining).

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Jul-13Jul-12Jul-13Jul-12Jul-13Jul-12Jul-13Jul-12
Las Vegas28.0%40.0%8.0%20.7%36.0%60.7%54.5%54.8%
Reno21.0%38.0%7.0%15.0%28.0%53.0%  
Phoenix11.5%29.5%9.4%14.6%20.8%44.1%35.8%44.9%
Charlotte    9.5%13.8%  
Tucson      29.1%33.3%
Toledo      35.0%36.5%
Omaha      15.9%15.6%
Memphis*  16.7%26.9%    
*share of existing home sales, based on property records