Wednesday, April 22, 2015

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

by Bill McBride on 4/22/2015 07:07:00 PM

Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 290 thousand from 294 thousand.

• At 10:00 AM, New Home Sales for March from the Census Bureau. The consensus is for a decrease in sales to 510 thousand Seasonally Adjusted Annual Rate (SAAR) in March from 539 thousand in February.

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-Atlantic 4.7%7.7%14.0%10.9%18.8%18.5%18.2%19.9%
Bay Area CA*4.1%4.6%3.1%4.3%7.2%8.9%25.8%29.8%
So. California*5.7%7.1%5.2%6.3%10.9%13.4%25.8%29.8%
Florida SF3.9%7.0%20.7%22.0%24.6%29.0%39.0%45.4%
Florida C/TH2.5%4.4%14.3%15.9%16.8%20.3%66.4%70.9%
Hampton Roads        22.7%24.5%   
Chicago (city)        21.9%28.8%   
Northeast Florida        31.0%39.1%   
Tucson            32.0%33.5%
Toledo            32.7%40.7%
Wichita            23.2%32.0%
Des Moines            16.3%20.8%
Georgia***            23.2%33.8%
Omaha            16.2%20.3%
Pensacola            33.4%35.7%
Knoxville            22.9%25.1%
Richmond VA MSA    11.9%18.1%    18.0%21.1%
Memphis    15.5%18.5%       
Springfield IL**    11.8%14.4%       
*share of existing home sales, based on property records
**Single Family Only
***GAMLS