Wednesday, April 16, 2014

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

by Calculated Risk on 4/16/2014 05:11:00 PM

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

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 in the mid-Atlantic area and Orlando - and 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).

The All Cash Share (last two columns) is mostly declining year-over-year.  As investors pull back, the share of all cash buyers will probably decline.  Toledo's cash share is up.

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

Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Mar-14Mar-13Mar-14Mar-13Mar-14Mar-13Mar-14Mar-13
Las Vegas12.9%33.3%11.7%11.2%24.6%44.5%43.1%57.5%
Reno**14.0%32.0%7.0%9.0%21.0%41.0%  
Phoenix5.1%15.1%6.9%11.6%11.9%26.8%33.1%41.5%
Sacramento8.2%27.0%7.9%10.5%16.1%37.5%22.5%36.5%
Minneapolis4.7%9.3%21.9%28.3%26.6%37.6%  
Mid-Atlantic 6.4%11.4%10.9%10.7%17.3%22.1%19.9%20.6%
Orlando7.9%21.7%23.7%21.4%31.6%43.0%44.6%55.6%
So. California*7.7%18.7%6.4%13.8%14.1%32.5%29.1%35.1%
Hampton Roads    24.5%28.4%  
Northeast Florida    39.1%40.2%  
Toledo      40.7%38.9%
Des Moines      20.8%19.1%
Tucson      33.5%35.0%
Georgia***      33.8%NA
Houston  6.8%12.3%    
Memphis*  18.5%26.7%    
Springfield IL**  14.0%26.1%    
*share of existing home sales, based on property records
**Single Family Only
***GAMLS