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Thursday, May 16, 2013

Lawler: Table of Distressed Sales and Cash buyers for Selected Cities in April

by Calculated Risk on 5/16/2013 05:55:00 PM

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

Look at the two columns in the table for Total "Distressed" Share. In every area that has reported distressed sales so far, 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 in all of these cities.  Also there has been a shift from foreclosures to short sales. In all of these areas - except Minneapolis- short sales now out number foreclosures.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
13-Apr12-Apr13-Apr12-Apr 13-Apr12-Apr13-Apr12-Apr
Las Vegas32.5%29.9%10.0%36.9%42.5%66.8%59.3%54.9%
Mid-Atlantic 9.9%12.2%8.6%11.0%18.5%23.2%19.4%19.4%
So. California17.7%24.3%12.4%28.8%30.1%53.1%33.5%32.2%
Bay Area CA15.0%22.1%8.5%21.9%23.5%44.0%27.8%28.3%
Hampton Roads    27.8%31.0%  
Memphis*  24.8%34.9%    
Birmingham AL  24.1%35.1%    
*share of existing home sales, based on property records