Friday, July 12, 2013

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

by Bill McBride on 7/12/2013 04:27:00 PM

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

Note that in Phoenix, not only was the distressed sales share down sharply from a year ago, but also that the all-cash share of home sales – while still abnormally high – was also down significantly from a year ago. Overall sales were down 9.9% from last June, and it appears as if “investor” buying might be slowing down a bit.

Vegas’ distressed sales share last month was also down significantly from last June, but the all-cash share was actually up slightly. Overall sales were down 7.7% from last June. Investors still appear to be a dominant force in Vegas, while owner-occupant buying still appears weak.
From CR: 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.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Las Vegas31.0%34.2%9.0%27.8%40.0%62.0%55.3%54.0%
Mid-Atlantic 7.6%10.2%6.3%8.7%13.9%18.9%15.9%16.5%
Hampton Roads    22.8%28.8%  
Northeast Florida    35.6%39.9%  
Memphis*  18.2%29.6%    
Birmingham AL  19.4%26.4%    
Springfield IL  12.0%9.2%    
Tucson      32.8%34.9%
Omaha      14.9%14.4%
Toledo      28.1%33.0%
Des Moines      17.5%18.9%
*share of existing home sales, based on property records