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Wednesday, August 20, 2014

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

by Calculated Risk on 8/20/2014 04:34:00 PM

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

Comments from CR: Tom Lawler has been sending me this table every month for several years. I think it is very useful for looking at the trend for distressed sales and cash buyers in these areas. I sincerely appreciate Tom sharing this data with us!

On distressed: Total "distressed" share is down in all of these markets, mostly because of a sharp decline in short sales.

Short sales are down in all of these areas.

Foreclosures are down in most of these areas too, although foreclosures are up a little in few areas like Nevada, Sacramento, Orlando, Miami and the Mid-Atlantic (areas with foreclosure delays related to a judicial foreclosure process or state law changes).

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

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
July-14July-13July-14July-13July-14July-13July-14July-13
Las Vegas11.5%28.0%10.1%8.0%21.6%36.0%35.6%54.5%
Reno**8.0%21.0%4.0%7.0%12.0%28.0% 
Phoenix3.7%11.5%5.9%9.4%9.6%20.8%24.8%35.8%
Sacramento5.7%17.9%6.3%5.1%12.0%23.0%20.9%25.5%
Minneapolis3.0%5.7%9.5%15.0%12.5%20.7% 
Mid-Atlantic 4.3%6.6%7.7%6.6%12.1%13.2%17.1%16.1%
Orlando8.3%17.9%24.4%17.5%32.7%35.4%39.6%47.8%
California *6.6%12.7%5.6%8.3%12.2%21.0% 
Bay Area CA*4.2%8.5%2.7%4.6%6.9%13.1%20.2%23.5%
So. California*5.9%12.7%5.2%7.7%11.1%20.4%24.5%30.0%
Miami MSA SF8.5%17.8%17.4%12.9%25.9%30.7%38.6%43.2%
Miami MSA C/TH5.1%12.6%21.7%17.1%26.8%29.7%68.1%75.0%
Georgia***            24.1%N/A
Toledo            32.9%35.0%
Wichita            28.0%24.1%
Des Moines            15.1%15.1%
Peoria            18.4%18.6%
Tucson            26.2%29.1%
Omaha            17.0%15.9%
Pensacola            32.9%30.0%
Memphis*    13.4%16.9%       
*share of existing home sales, based on property records
**Single Family Only
***GAMLS