Thursday, February 19, 2015

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

by Bill McBride on 2/19/2015 07:43:00 PM

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

On distressed: Total "distressed" share is down in most of these markets mostly due to a decline in short sales (Mid-Atlantic and Orlando are up year-over-year because of an increase foreclosure as lenders work through the backlog).

Short sales are down in these areas.

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

It is pretty amazing that distressed sales still make up almost 40% of sales in Orlando.  Florida has been very slow to recover from the severe damage of the housing bubble.

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Jan-15Jan-14Jan-15Jan-14Jan-15Jan-14Jan-15Jan-14
Las Vegas9.7%17.0%9.4%11.0%19.1%28.0%36.0%46.3%
Reno**10.0%16.0%6.0%9.0%16.0%25.0%   
Phoenix3.7%6.8%6.5%9.6%10.2%16.5%32.0%36.3%
Sacramento6.9%11.8%9.5%8.4%16.4%20.2%22.7%26.6%
Minneapolis4.1%5.5%16.0%24.0%20.1%29.5%   
Mid-Atlantic 5.8%8.5%15.2%12.2%21.0%20.7%21.4%22.9%
Orlando5.3%11.7%33.9%25.7%39.2%37.4%47.1%49.2%
California *6.4%10.7%6.7%7.7%13.1%18.4%   
Bay Area CA*4.0%8.5%4.5%5.2%8.5%13.7%22.6%25.8%
So. California*6.5%10.7%5.7%6.6%12.2%17.3%24.9%29.9%
Chicago (city)        24.1%35.0%   
Hampton Roads        27.6%29.5%   
Northeast Florida        38.2%46.2%   
Toledo            37.6%43.9%
Tucson            34.8%38.2%
Des Moines            22.0%22.2%
Georgia***            31.3%N/A
Omaha            24.0%26.4%
Pensacola            38.3%42.7%
Memphis*    14.8%19.1%       
Springfield IL**    16.2%28.5%       
*share of existing home sales, based on property records
**Single Family Only
***GAMLS