Tuesday, March 24, 2015

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

by Bill McBride on 3/24/2015 02:57:00 PM

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

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.

Foreclosures are up in several areas, especially in Florida.

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%48.2%
California *6.2%9.0%6.8%8.0%13.0%17.0%   
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%
Florida SF4.9%8.4%24.0%23.6%28.9%32.0%42.4%47.9%
Florida C/TH2.9%6.0%18.8%17.8%21.7%23.8%69.4%73.2%
Tampa MSA SF5.2%9.9%26.6%24.9%31.8%34.8%43.2%46.4%
Tampa MSA C/TH2.4%5.3%19.0%19.2%21.5%24.6%65.4%71.2%
Miami MSA SF7.7%13.8%22.5%16.4%30.1%30.1%42.2%48.7%
Miami MSA C/TH3.6%7.5%23.5%18.3%27.1%25.8%71.9%75.2%
Northeast Florida        37.6%44.5%   
Chicago (city)        29.9%40.0%   
Hampton Roads        22.6%30.7%   
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