by Calculated Risk on 1/12/2012 09:45:00 PM
Thursday, January 12, 2012
CR Note: 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 earlier this week: Distressed House Sales using Sacramento Data)
Economist Tom Lawler sent me the following today for a few other areas:
"The below table is based on reports from local realtor associations/boards based on MLS data, which may not be fully and completely accurate (heh, heh!)
Note that (1) for most of the areas, the distressed share of sales is down from last December, though in many cases it remains quite elevated; and (2) the short-sales share of sales increased in all areas – in some cases by quite a bit – while the foreclosure-sales share fell in all areas, in a few cases by a boatload, especially Phoenix."
|Short Sales Share||Foreclosure Sales Share||Total "Distressed" Share|
CR Note: The table is a percentage of total sales.
Short sales are up in all areas, and foreclosures are down. It appears that the total percent of distressed sales is declining too - although this could be related to the foreclosure process issues. At some point, the number and percent of distressed sales should start to decline significantly.