Friday, June 12, 2015

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

by Bill McBride on 6/12/2015 05:15:00 PM

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

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 all of 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.

As Lawler noted last month: The Baltimore Metro area is included in the overall Mid-Atlantic region (covered by MRIS). Baltimore is shown 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 significant increase in foreclosure sales in the Baltimore Metro area.

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Las Vegas7.3%7.9%8.0%9.1%15.3%17.0%21.9%40.2%
Phoenix            24.0%29.5%
Baltimore MSA****3.6%5.8%16.3%11.9%19.8%17.6%   
Chicago (city)        16.2%21.6%   
Hampton Roads        17.4%21.3%   
Spokane        12.8%17.0%   
Northeast Florida        26.7%36.8%   
Toledo            26.1%36.6%
Tucson            25.6%31.3%
Des Moines            14.0%17.5%
Peoria            17.9%19.6%
Georgia***            20.3%26.0%
Richmond VA MSA    8.5%13.9%    14.9%19.4%
Memphis    14.3%15.6%       
Springfield IL**    5.4%8.7%       
*share of existing home sales, based on property records
**Single Family Only
****Baltimore is included in the Mid-Atlantic region, but is shown separately here