Friday, February 21, 2014

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

by Bill McBride on 2/21/2014 02:45:00 PM

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

Lawler writes:

The short-sales share of home sales is down in virtually all markets, and in most markets by a lot from a year ago. Note that the foreclosure sales share in Florida is up from a year ago.
From CR: Total "distressed" share is down significantly in most of these markets, mostly because of a decline in short sales.

And foreclosures are down in all areas except Florida.

The All Cash Share (last two columns) is mostly declining year-over-year.  As investors pull back in markets the share of all cash buyers will probably decline.

In general it appears the housing market is slowly moving back to normal.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Las Vegas17.0%36.2%11.0%12.5%28.0%48.7%46.3%56.1%
Mid-Atlantic 8.5%13.1%12.2%12.7%20.7%25.8%22.9%22.0%
California *11.5%23.9%7.7%19.0%19.2%42.9%  
Bay Area CA*10.5%22.6%5.4%14.1%15.9%36.7%24.8%28.4%
So. California*12.2%24.2%6.6%17.2%18.8%41.4%29.1%33.7%
Florida SF9.5%19.4%24.2%19.9%33.7%39.3%49.1%50.5%
Florida C/TH7.6%14.8%19.6%17.2%27.2%32.0%72.3%74.4%
Miami MSA SF13.9%21.9%18.2%14.9%32.1%36.8%49.2%48.9%
Miami MSA C/TH10.3%16.4%20.1%16.4%30.4%32.8%75.2%77.8%
Northeast Florida    45.0%46.3%  
Hampton Roads    29.5%34.9%  
Toledo      43.9%44.4%
Des Moines      22.2%26.8%
Peoria      35.9%20.8%
Tucson      38.2%36.7%
Omaha      26.4%21.3%
Georgia***      35.7%NA
Houston  9.2%19.6%    
Memphis*  19.1%25.9%    
Birmingham AL  26.0%30.2%    
*share of existing home sales, based on property records
**Single Family Only