In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Wednesday, May 30, 2012

Lawler: Pending Home Sales and updated Table of Short Sales and Foreclosures for Selected Cities

by Calculated Risk on 5/30/2012 05:25:00 PM

CR Note: Earlier this month I posted some distressed sales data for Sacramento. I'm following the Sacramento market to see the change in mix over time (short sales, foreclosure, conventional). Economist Tom Lawler has been digging up similar data, and he sent me the updated table below for several more distressed areas. For all of these areas, with the exception of Rhode Island, the share of distressed sales is down from April 2011 - and for the areas that break out short sales, the share of short sales has increased and the share of foreclosure sales are down - and down significantly in some areas.

In five of the seven cities that break out short sales, there are now more short sales than foreclosure sales!

Lawler noted "all of the below shares are based on MLS data save for California [that uses] Dataquick estimates based on property records."

And Lawler on Pending Home Sales:

Pending Home Sales Click on graph for larger image.

"The National Association of Realtors reported that its Pending Home Sales Index declined by 5.5% on a seasonally adjusted basis in April, after jumping by 3.8% (downwardly revised) in March. April’s PHSI was up 14.4% (SA) from last April. By region, April’s PHSI increased by 0.9% in the Northeast, fell by 0.3% in the Midwest, dropped by 6.8% in the South, and plunged by 12.0% in the West (after jumping by 8.5% in March).

The jump in contracts signed in March, and decline in April, could well have been related to the FHA’s announcement in late February that it was increasing its up-front and annual mortgage insurance premiums effective for FHA case numbers assigned in early April or later."

Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas29.9%23.8%36.9%46.3%66.8%70.1%
Mid-Atlantic (MRIS)12.2%11.8%11.0%20.9%23.2%32.7%
Northeast Florida38.1%50.3%
Hampton Roads31.0%35.0%
Rhode Island32.6%31.3%