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Thursday, September 19, 2013

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

by Calculated Risk on 9/19/2013 05:24:00 PM

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

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.

In general it appears the housing market is slowly moving back to normal.


 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%
Sacramento14.6%35.4%4.8%16.6%19.4%52.0%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%
Florida SF12.4%22.2%17.1%17.2%29.5%39.4%41.6%42.5%
Florida C/TH9.9%19.8%15.7%16.5%25.5%36.3%68.1%73.4%
Hampton Roads    21.0%24.4%  
Northeast Florida    35.7%40.7%  
Toledo      30.1%35.9%
Des Moines      16.6%21.9%
Tucson      29.1%33.3%
Peoria      20.8%20.5%
Pensacola      33.7%30.7%
Akron      33.0%29.7%
Houston  7.7%16.8%    
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