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Saturday, March 16, 2013

Updated Table of Short Sales and Foreclosures for Selected Cities in February

by Calculated Risk on 3/16/2013 06:23:00 PM

Note: Several people sent me links early this morning on the Cyprus bailout (thanks jb and others). This bailout was expected to eventually happen, but the surprise was forcing losses on depositors, even small depositors - and that leads to the question of possible contagion to other distressed countries (Greece, Spain, etc).

For a detailed discussion, see Joseph Cotterill piece at Alphaville: A stupid idea whose time had come

Summary for Week Ending March 15th
Schedule for Week of March 17th

Economist Tom Lawler sent me the updated table below of short sales and foreclosures for several selected cities in February. 

In every area that has reported distressed sales so far (two right columns), the share of distressed sales is down year-over-year - and down significantly in many areas. 

Also there has been a decline in foreclosure sales just about everywhere.  Also there has been a shift from foreclosures to short sales. In most of these areas, short sales now out number foreclosures (Minneapolis and Orlando are exceptions).

Another interesting point: short sales are now declining in many areas.  This might be related to sellers rushing short sales last year - before the one year extension of the Mortgage Debt Relief Act of 2007 was announced, and sales declining early in 2013.  Or it might indicate that short sales activity has peaked in some areas (this will be interesting to watch).

 Short Sales ShareForeclosure Sales ShareTotal "Distressed" Share
Las Vegas37.9%29.3%10.2%42.0%48.1%71.3%
Mid-Atlantic (MRIS)13.6%16.4%12.1%17.5%25.6%33.9%
California (DQ)*22.5%26.5%17.5%33.9%40.0%60.4%
Bay Area CA (DQ)*21.4%27.0%13.6%26.4%35.0%53.4%
So. California (DQ)*22.0%26.9%15.8%32.6%37.8%59.5%
Hampton Roads    34.9%37.2%
Northeast Florida    43.6%49.0%
Chicago    49.0%53.0%
Charlotte    15.9%18.7%
Sarasota    27.5%37.4%
Metro Detroit  37.1%46.5%  
Lehigh Valley PA    21.7%N/A
Memphis*  27.8%36.6%  
Birmingham AL  29.5%40.0%