Wednesday, June 24, 2015

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

by Bill McBride on 6/24/2015 07:24:00 PM

Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 273 thousand from 267 thousand.

• At 8:30 AM, Personal Income and Outlays for May. The consensus is for a 0.4% increase in personal income, and for a 0.7% increase in personal spending. And for the Core PCE price index to increase 0.1%.

• At 11:00 AM, the Kansas City Fed manufacturing survey for June.

Economist Tom Lawler sent me an undated 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
May-15May-14May-15May-14May-15May-14May-15May-14
Las Vegas7.3%7.9%8.0%9.1%15.3%17.0%21.9%40.2%
Reno**5.0%11.0%4.0%6.0%9.0%17.0% 
Phoenix2.8%3.9%3.2%6.7%6.0%10.7%24.0%29.5%
Sacramento4.7%7.0%5.4%8.3%10.1%15.3%17.4%20.5%
Minneapolis2.4%3.9%6.6%10.0%9.0%13.9% 
Mid-Atlantic3.4%5.2%10.4%8.1%13.8%13.3%16.2%17.2%
Baltimore MSA****3.6%5.8%16.3%11.9%19.8%17.6% 
Orlando3.9%9.2%22.8%24.7%26.7%34.0%33.9%43.8%
Florida SF5.3%9.6%25.7%24.6%31.0%34.2%43.4%48.9%
Florida C/TH3.2%7.6%20.6%19.7%23.9%27.3%69.5%72.1%
Miami MSA SF6.2%9.6%16.1%16.4%22.3%26.0%34.9%42.6%
Miami MSA C/TH3.2%5.9%17.6%17.9%20.8%23.7%65.8%70.1%
Tampa MSA SF4.3%7.1%20.0%22.1%24.3%29.2%35.3%40.6%
Tampa MSA C/TH3.0%4.9%13.6%18.6%16.6%23.5%57.5%62.7%
Northeast Florida      26.7%36.8% 
Chicago (city)      16.2%21.6% 
Hampton Roads      17.4%21.3% 
Spokane      12.8%17.0% 
Hampton Roads      17.4%21.3% 
Spokane      12.8%17.0% 
Richmond VA MSA    8.5%13.9%    14.9%19.4%
Memphis    14.3%15.6%    28.3%31.6%
Springfield IL**    5.4%8.7%     
Tucson          25.6%31.3%
Toledo          26.1%36.6%
Des Moines          14.0%17.5%
Peoria          17.9%19.6%
Georgia***          20.3%26.0%
Omaha          15.9%19.4%
Pensacola          31.3%32.6%
Knoxville            20.5%22.9%
*share of existing home sales, based on property records
**Single Family Only
***GAMLS
****Baltimore is included in the Mid-Atlantic region, but is shown separately here