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

Friday, August 24, 2012

Lawler: Updated Distressed Home Sales Share Table

by Calculated Risk on 8/24/2012 03:59:00 PM

CR Note: Tom Lawler thanks everyone for voting his horse "Dealer" to victory in the best pet contest. My congratulations to Rosemary and Tom who are celebrating their anniversary today!

Economist Tom Lawler sent me the table below for several more distressed areas. For almost of these areas (except Rhode Island), the share of distressed sales is down from July 2011 - and for the areas that break out short sales, the share of short sales has increased (except Minneapolis, and Lee County, FL) and the share of foreclosure sales are down. In most areas, short sales are higher than foreclosures, and for some areas like Phoenix, Reno and Las Vegas, short sales are now double the rate of foreclosures.

From Lawler: For the combined markets below showing the “total” distressed share of home sales, total home sales in July were up 8.7% from last July, but “non-distressed” sales were up by over 30%!

Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas40.0%20.2%20.7%50.2%60.7%70.4%
Mid-Atlantic (MRIS)11.3%10.2%8.7%15.1%20.0%25.2%
California (DQ)19.0%17.3%22.0%34.5%41.0%51.8%
Lee County, FL17.3%18.8%15.9%30.6%33.2%49.4%
Hampton Roads VA    29.1%30.3%
Northeast Florida    39.0%44.1%
Sarasota    32.4%38.0%
Chicago    36.1%36.7%
Rhode Island    24.8%20.3%
Miami-Dade    47.0%52.0%
Memphis  26.7%31.9%  
Birmingham AL  27.2%28.4%  
Houston  16.3%19.6%