Tuesday, April 22, 2014

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

by Calculated Risk on 4/22/2014 02:40:00 PM

Economist Tom Lawler sent me the updated table below of short sales, foreclosures and cash buyers for several selected cities in March. Lawler writes: "Note the increase in the foreclosure sales share in Florida."

From CR:   The decline in "distressed" share was one of the positives I mentioned in the previous post.  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 Florida (judicial foreclosure) - 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, Des Moines and Wichita's cash share is up.  The cash share in Florida is still very high.

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-Atlantic6.4%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%
California *7.4%17.0%7.4%15.0%14.8%32.0%  
Bay Area CA*5.0%15.0%4.5%10.2%9.5%25.2%25.0%31.0%
So. California*7.7%18.7%6.4%13.8%14.1%32.5%29.1%35.1%
Lee County, FL**4.0%11.3%15.5%11.9%19.5%23.2%  
Florida SF6.9%15.9%21.6%16.3%28.5%32.3%45.5%48.3%
Florida C/TH4.5%11.4%15.9%14.2%20.4%25.6%70.9%74.9%
Hampton Roads    24.5%28.4%  
Northeast Florida    39.1%40.2%  
Toledo      40.7%38.9%
Wichita      32.0%27.9%
Des Moines      20.8%19.1%
Tucson      33.5%35.0%
Omaha      20.3%22.1%
Pensacola      35.7%35.9%
Georgia***      33.8%NA
Pensacola      35.7%35.9%
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