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Wednesday, October 12, 2011

Lawler: Existing Home Foreclosures and Short Sale percentages for a few areas

by Calculated Risk on 10/12/2011 04:07:00 PM

There are only a few areas where the MLS breaks down monthly sales by foreclosure, short sales and conventional (non-distressed) sale. I've been tracking the Sacramento market to watch for changes in the mix over time. (here was my post yesterday: Distressed House Sales using Sacramento Data)

Economist Tom Lawler sent me the following table today for a few other areas. The usual suspects have the highest percentage of distressed sales: Las Vegas and Phoenix. Sacramento is similar to Phoenix.

The Mid-Atlantic area - covered by the MRIS (Metropolitan Regional Information Systems, Inc.) has a relatively low level of distressed sales.

Why short sales in Minneapolis are so low relative to foreclosures is a mystery ...

I'll be watching for when the percentage of distressed sales starts to decline (I might have to be patient!).

September MLS Sales Share, Selected Areas
Foreclosure ShareShort Sales Share"Non-Distressed" Share
Las Vegas49.4%23.5%27.1%
Reno (SF)38.0%31.0%31.0%
*area covered by MRIS, including DC and Baltimore metro areas