Thursday, April 16, 2015

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

by Bill McBride on 4/16/2015 08:59:00 PM

Friday:
• At 8:30 AM ET, the Consumer Price Index for March from the BLS. The consensus is for a 0.3% increase in prices, and a 0.2% increase in core CPI.

• At 10:00 AM, University of Michigan's Consumer sentiment index (preliminary for April). The consensus is for a reading of 93.7, up from 93.0 in March.

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

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
Mar-15Mar-14Mar-15Mar-14Mar-15Mar-14Mar-15Mar-14
Las Vegas8.3%12.9%9.3%11.7%17.6%24.6%32.4%43.1%
Reno**5.0%14.0%8.0%7.0%13.0%21.0%   
Phoenix3.2%5.1%4.2%6.9%7.4%11.9%27.5%33.1%
Sacramento5.4%8.2%6.9%7.9%12.3%16.1%19.3%22.5%
Minneapolis2.9%4.9%12.2%21.9%15.1%26.8%   
Mid-Atlantic4.7%7.7%14.0%10.9%18.8%18.5%18.2%19.9%
Orlando4.2%7.9%26.9%23.7%31.1%31.6%38.2%44.6%
Chicago (city)        21.9%28.8%   
Hampton Roads        22.7%24.5%   
Northeast Florida        31.0%39.1%   
Richmond VA     11.9%18.1%    18.0%21.1%
Tucson            32.0%33.5%
Toledo            32.7%40.7%
Des Moines            16.3%20.8%
Omaha            16.1%20.3%
Wichita            23.2%32.0%
Pensacola            33.4%35.7%
Memphis*    15.5%18.5%       
Springfield IL**    11.8%14.4%       
*share of existing home sales, based on property records
**Single Family Only
***GAMLS