Tuesday, September 17, 2013

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

by Calculated Risk on 9/17/2013 02:36:00 PM

Economist Tom Lawler sent me the table below of short sales, foreclosures and cash buyers for several selected cities in August.  Note: The Sacramento distressed sales shares are SF only, while the all-cash share is for total residential sales.  Earlier this year the Sacramento Association of Realtors stopped showing distressed sales for condos/townhomes, though it reported such data in its press release.  The August press release was not yet available on its website.

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. 

Also there has been a decline in foreclosure sales in all of these cities.  

And now short sales are declining year-over-year too!  This is a recent change - short sales had been increasing year-over-year, but it looks like both categories of distressed sales are now declining.

The All Cash Share is mostly declining.  When investors pull back in markets like Phoenix (already declining), the share of all cash buyers will probably decline.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Aug-13Aug-12Aug-13Aug-12Aug-13Aug-12Aug-13Aug-12
Las Vegas25.0%43.7%8.0%16.9%33.0%60.6%52.5%52.5%
Reno21.0%38.0%7.0%15.0%28.0%53.0%  
Phoenix10.3%29.4%8.9%14.0%19.3%43.4%34.1%44.7%
Sacramento**14.4%34.9%4.6%16.6%19.0%51.5%25.4%33.1%
Minneapolis5.5%10.7%15.1%25.2%20.6%35.9%  
Mid-Atlantic 7.6%11.8%7.0%8.7%14.6%20.6%17.5%17.9%
Orlando16.8%28.7%16.7%23.4%33.5%52.1%45.9%53.0%
California *13.2%26.4%7.8%20.0%21.0%46.4%  
Bay Area CA*10.0%23.6%4.6%14.5%14.6%38.1%22.4%27.9%
So. California*13.6%26.6%7.1%19.2%20.7%45.8%27.6%32.3%
Hampton Roads    21.0%24.4%  
Northeast Florida    35.7%40.7%  
Toledo      30.1%35.9%
Tucson      29.1%33.3%
Omaha      17.0%15.4%
Pensacola      33.7%30.7%
Memphis*  16.4%28.8%    
Birmingham AL  21.2%27.8%    
Springfield IL  10.4%12.5%    
*share of existing home sales, based on property records
**Single Family Only