In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Monday, March 17, 2014

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

by Calculated Risk on 3/17/2014 05:56:00 PM

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

From CR: Total "distressed" share is down in all of these markets, mostly because of a sharp decline in short sales.

Foreclosures are down in most of these areas too, although foreclosures are up a little in Las Vegas (there was a state law change that slowed foreclosures dramatically in Nevada at the end of 2011 - so it isn't a surprise that foreclosures are up a little year-over-year).  Orlando also saw a slight increase in foreclosures.

The All Cash Share (last two columns) is declining in most areas year-over-year.  As investors pull back, the share of all cash buyers will probably continue to decline.

 Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Las Vegas14.0%37.9%12.0%10.2%26.0%48.1%46.8%59.5%
Mid-Atlantic 7.7%13.6%10.9%12.1%18.6%25.6%21.4%22.8%
California *9.6%22.4%8.2%17.9%17.8%40.3%  
Bay Area CA*7.0%20.2%5.4%13.9%12.4%34.1%26.8%32.4%
So. California*9.4%22.4%6.8%16.2%16.2%38.6%30.9%36.9%
Hampton Roads    30.7%34.2%  
Charlotte    10.5%15.9%  
Naples    12.2%22.1%  
Georgia***      35.3%NA
Toledo      41.8%46.7%
Des Moines      22.4%21.9%
Peoria      30.9%26.8%
Tucson      37.0%39.5%
Pensacola      41.0%36.1%
Memphis*  22.1%29.0%    
Springfield IL**  17.9%26.4%    
*share of existing home sales, based on property records
**Single Family Only