Monday, July 22, 2013

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

by Bill McBride on 7/22/2013 04:59:00 PM

From housing economist Tom Lawler:

Based on a survey of a relatively small sample of realtors that does not necessarily represent the overall market, the NAR alleged that foreclosure sales were 8% of last month’s sales, down from 13% last June; that short sales were 7% of last month’s sales compared to 12% last June; that first-time home buyers comprised 29% of last month’s transactions, down from 32% last June; that all-cash buyers comprised 31% of last month’s sales, up from 29% last June; and that “individual investors” comprised 17% of last month’s sales, down from 19% last June.

CR Note: This is an updated table for a number of cities where distress sales are reported.  Lawler has included the NAR's Confidence Index Report.  Most of the reporting areas experienced a high percentage of distressed sales (Las Vegas, Phoenix, California, Florida, etc), and it appears that distressed sales are declining just about everywhere.

 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 (MRIS)7.6%10.2%6.3%8.7%13.9%18.9%15.9%16.5%
California (DQ)*16.0%24.3%10.0%24.9%26.0%49.2%  
Bay Area CA (DQ)*12.1%22.7%6.0%17.8%18.1%40.5%25.6%27.3%
So. California (DQ)*16.2%24.4%9.1%24.4%25.3%48.8%30.2%32.3%
Miami MSA SF16.8%21.3%9.6%16.3%26.4%37.6%43.3%44.9%
Miami MSA C/TH13.8%19.5%14.3%18.3%28.1%37.8%76.3%79.1%
Northeast Florida    35.6%39.9%  
Chicago    28.0%33.0%  
Houston  8.4%16.8%    
Memphis*  18.2%29.6%    
Birmingham AL  19.4%26.4%    
Springfield IL  12.0%9.2%    
Tucson      32.8%35.9%
Toledo      28.1%33.0%
Des Moines      17.5%18.9%
Omaha      14.9%14.4%
Pensacola      29.8%34.3%
NAR RCI**7.0%12.0%8.0%13.0%15.0%25.0%31.0%29.0%
*share of existing home sales, based on property records
**NAR Survey of Realtors, Realtor Confidence Index Report