Thursday, November 21, 2013

Lawler: Updated Table of Distressed Sales and Cash buyers for Selected Cities in October (including Florida)

by Calculated Risk on 11/21/2013 04:49:00 PM

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

Lawler writes: "Note the low share of short sales relative to foreclosure sales in Florida last month, which reflects the “very aged” nature of the “distressed” property inventory."

From CR: Also note that foreclosures have declined significantly in most areas - but not in Florida. This is probably because of the large backlog of foreclosures in the judicial system.

The All Cash Share (last two columns) is mostly declining year-over-year.   However in certain areas of Florida there is still a significant amount of cash buying (frequently investors, but in Florida this might be foreigners - and maybe some drug related buying).

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Oct-13Oct-12Oct-13Oct-12Oct-13Oct-12Oct-13Oct-12
Las Vegas21.0%44.7%6.0%11.6%27.0%56.3%44.9%54.1%
Reno16.0%40.0%4.0%12.0%20.0%52.0%  
Phoenix8.4%26.2%6.9%12.9%15.3%39.1%31.6%43.9%
Sacramento11.4%35.7%5.1%12.0%16.5%47.7%23.9%36.9%
Minneapolis5.1%10.4%16.4%24.9%21.5%35.3%  
Mid-Atlantic7.9%9.1%8.2%13.0%16.1%22.1%19.9%20.0%
Orlando15.1%29.8%20.7%23.2%35.8%53.0%  
California*12.6%26.7%6.6%17.1%19.2%43.8%  
Bay Area CA*10.3%22.9%3.6%11.7%13.9%34.6%22.8%29.6%
So. California*12.9%27.2%6.3%16.3%19.2%43.5%27.5%32.8%
Florida SF12.0%22.6%19.3%17.9%31.3%40.5%44.4%46.5%
Florida C/TH9.5%18.4%17.3%16.7%26.9%35.1%68.7%74.3%
Miami MSA SF16.0%24.2%14.9%16.9%30.9%41.1%46.9%44.1%
Miami MSA C/TH11.4%20.4%19.5%16.9%30.9%37.4%73.4%78.3%
Northeast Florida    35.7%44.2%  
Chicago    34.0%43.0%  
Hampton Roads    25.5%28.3%  
Toledo      37.0%38.6%
Tucson      32.9%31.8%
Memphis      39.2%39.6%
Wichita      30.5%27.2%
Des Moines      20.2%21.7%
Peoria      21.1%23.7%
Omaha      20.0%20.4%
SE Michigan      34.5%44.3%
Spokane  13.8%8.4%    
Houston  7.5%15.5%    
Memphis*  18.4%22.9%    
Birmingham AL  21.0%30.8%    
Springfield IL  15.3%18.4%    
*share of existing home sales, based on property records