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Friday, July 11, 2014

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

by Calculated Risk on 7/11/2014 08:42:00 PM

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

Comments from CR: Tom Lawler has been sending me this table every month for several years. I think it is very useful for looking at the trend for distressed sales and cash buyers in these areas. I sincerely appreciate Tom sharing this data with us.

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

Short sales are down in all of these areas.

Foreclosures are down in most of these areas too, although foreclosures are up a little in Nevada and Mid-Atlantic.

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 continue to decline.

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Las Vegas10.8%31.0%10.1%9.0%20.9%40.0%34.7%55.3%
Hampton Roads        20.1%22.8%   
Northeast Florida        32.3%37.3%   
Toledo            28.4%31.5%
Des Moines            14.9%17.5%
Tucson            26.1%28.1%
Omaha            16.3%14.9%
Georgia***            24.6%N/A
Houston    4.4%8.4%       
Memphis*    13.0%18.9%       
Birmingham AL    14.0%19.4%       
Springfield IL**    8.5%11.8%       
*share of existing home sales, based on property records
**Single Family Only