Friday, May 15, 2015

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

by Bill McBride on 5/15/2015 06:27:00 PM

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

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 in foreclosures in Baltimore).

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.

From Lawler: Note: The Baltimore Metro area is included in the overall Mid-Atlantic region (covered by MRIS). I am showing it separately because a large portion of the YOY increase in the foreclosure share of home sales in the Mid-Atlantic region was attributable to the almost 85% YOY increase in foreclosure sales in the Baltimore Metro area.

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Apr-15Apr-14Apr-15Apr-14Apr-15Apr-14Apr-15Apr-14
Las Vegas7.2%12.4%8.3%11.4%15.5%23.8%30.4%41.4%
Reno**6.0%15.0%5.0%6.0%11.0%21.0%   
Phoenix2.5%4.0%3.8%6.5%6.3%10.5%25.3%32.2%
Minneapolis2.9%5.1%9.2%16.0%12.0%21.1%   
Mid-Atlantic4.5%5.9%12.9%10.0%17.3%15.9%17.2%19.5%
Baltimore Metro4.3%5.8%20.7%13.8%25.0%19.6%   
Orlando4.8%9.1%24.7%23.7%29.5%32.8%37.4%42.4%
Chicago (city)        20.3%27.3%   
Hampton Roads        22.2%24.4%   
Chicago (city)        20.3%27.3%   
Northeast Florida        28.9%38.0%   
Toledo            30.2%33.4%
Tucson            27.1%30.5%
Des Moines            13.8%17.1%
Peoria            17.3%21.2%
Georgia***            21.6%34.3%
Omaha            16.4%19.7%
Richmond VA MSA    11.5%15.4%    18.2%22.5%
Memphis    16.1%17.3%       
Springfield IL**    10.3%13.2%    17.9%N/A
*share of existing home sales, based on property records
**Single Family Only
***GAMLS