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:
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 Share | Foreclosure Sales Share | Total "Distressed" Share | ||||
|---|---|---|---|---|---|---|
| 12-Apr | 11-Apr | 12-Apr | 11-Apr | 12-Apr | 11-Apr | |
| Las Vegas | 29.9% | 23.8% | 36.9% | 46.3% | 66.8% | 70.1% |
| Reno | 32.0% | 31.0% | 26.0% | 38.0% | 58.0% | 69.0% |
| Phoenix | 25.2% | 19.7% | 18.8% | 44.5% | 44.0% | 64.2% |
| Sacramento | 30.4% | 22.2% | 30.3% | 44.6% | 60.7% | 66.8% |
| Minneapolis | 10.9% | 10.0% | 32.0% | 43.3% | 42.9% | 53.3% |
| Mid-Atlantic (MRIS) | 12.2% | 11.8% | 11.0% | 20.9% | 23.2% | 32.7% |
| Orlando | 29.4% | 25.4% | 25.5% | 40.2% | 54.9% | 65.6% |
| Northeast Florida | 38.1% | 50.3% | ||||
| Hampton Roads | 31.0% | 35.0% | ||||
| Rhode Island | 32.6% | 31.3% | ||||
| California | 18.3% | 16.9% | 30.3% | 36.4% | 48.6% | 53.3% |
| Miami-Dade | 47.0% | 59.0% | ||||
| Broward | 38.0% | 50.0% | ||||