Thursday, March 19, 2015

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

by Bill McBride on 3/19/2015 12:37:00 PM

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

Thanks to Tom for sharing this with all of us!

On distressed: Total "distressed" share is down in most of these markets mostly due to a decline in short sales (Mid-Atlantic is 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.

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Feb-15Feb-14Feb-15Feb-14Feb-15Feb-14Feb-15Feb-14
Las Vegas9.3%14.0%9.7%12.0%19.0%26.0%37.4%46.8%
Reno**7.0%13.0%7.0%7.0%14.0%20.0%   
Phoenix4.4%5.3%5.8%8.3%10.1%13.7%29.9%35.4%
Sacramento6.3%12.4%8.6%7.0%14.9%19.4%19.8%26.5%
Minneapolis2.7%5.0%15.3%25.3%18.1%30.3%   
Mid-Atlantic 5.3%7.7%15.1%10.9%20.4%18.6%21.2%21.4%
Orlando5.3%9.4%27.0%23.8%32.3%33.2%42.2%42.2%
Bay Area CA*4.8%6.3%4.5%5.0%9.3%11.3%26.7%28.4%
So. California*6.1%9.0%6.1%6.7%12.2%15.7%28.0%31.0%
Chicago (city)        29.9%40.0%   
Hampton Roads        22.6%30.7%   
Northeast Florida        37.6%44.5%   
Tucson            33.7%37.0%
Des Moines            21.3%23.3%
Georgia***            27.1%35.3%
Omaha            19.6%25.6%
Pensacola            36.7%41.8%
Knoxville            23.9%27.4%
Richmond VA     13.9%22.2%    21.5%22.2%
Springfield IL**    15.3%18.3%    21.4%N/A
*share of existing home sales, based on property records
**Single Family Only
***GAMLS