Tuesday, June 18, 2013

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

by Calculated Risk on 6/18/2013 05:26:00 PM

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

Look at the two columns in the table for Total "Distressed" Share. In almost 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, and the California Bay Area - short sales now out number foreclosures.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
May-13May-12May-13May-12May-13May-12Apr-13Apr-12
Las Vegas31.8%32.6%10.3%34.7%42.1%67.3%57.9%54.4%
Reno27.0%39.0%7.0%22.0%34.0%61.0%  
Phoenix12.3%26.6%9.7%16.9%22.0%43.4%38.9%46.3%
Sacramento22.5%30.1%7.5%28.1%30.0%58.2%33.6%31.5%
Minneapolis6.8%10.6%20.1%28.8%26.9%39.4%18.7%20.1%
Mid-Atlantic (MRIS)8.2%11.8%7.2%10.2%15.5%22.1%16.7%17.2%
Orlando21.7%27.6%18.9%25.0%40.6%52.6%53.5%51.6%
California (DQ)*17.7%23.7%11.4%28.5%29.1%52.2%  
Bay Area CA (DQ)*7.3%21.4%13.9%21.2%21.2%42.6%27.6%28.3%
So. California (DQ)*17.7%24.3%10.8%26.9%28.5%51.2%31.9%32.1%
Hampton Roads    26.3%26.3%  
Northeast Florida    36.6%42.9%  
Chicago    33.0%36.0%  
Houston  9.4%17.8%    
Memphis*  21.5%30.5%    
Birmingham AL  21.0%27.3%    
*share of existing home sales, based on property records