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Wednesday, October 17, 2012

Lawler: Table of Short Sales and Foreclosures for Selected Cities in September

by Calculated Risk on 10/17/2012 01:35:00 PM

CR Note: On Monday 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 following table yesterday for several more distressed areas. A couple of clear patterns have developed:

1) There has been a shift from foreclosures to short sales. Foreclosures are down and short sales are up in most areas. For two cities, Las Vegas and Reno, short sales are now three times foreclosures, although that is related to the new foreclosure rules in Nevada. Both Phoenix and Sacramento had over twice as many short sales as foreclosures. A year ago, there were many more foreclosures than short sales in most areas. Minneapolis is an exception with more foreclosures than short sales.

2) The overall percent of distressed sales (combined foreclosures and short sales) are down year-over-year almost everywhere. Chicago is essentially unchanged from a year ago.

Previous comments from Lawler:

Note that the distressed sales shares in the below table are based on MLS data, and often based on certain “fields” or comments in the MLS files, and some have questioned the accuracy of the data. Some MLS/associations only report on overall “distressed” sales.

Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas44.8%23.5%13.6%49.4%58.4%72.9%
Mid-Atlantic (MRIS)12.4%12.6%9.4%14.4%21.8%27.0%
Charlotte    15.3%20.9%
Chicago    40.6%40.0%
Hampton Roads VA    25.4%31.6%
Memphis*  26.3%30.8%  
Houston  16.1%19.4%  
Birmingham AL  26.6%31.8% 
*share of existing home sales, based on property records