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Tuesday, September 16, 2014

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

by Calculated Risk on 9/16/2014 04:31:00 PM

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

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 Orlando, Lawler notes: "MLS-based foreclosure sales in Orlando last month were up 30.1% from last August, while MLS-based short sales were down 64.9%."

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 significantly in all of these areas.

Foreclosures are down in most of these areas too, although foreclosures are up sharply in Orlando, and up a little in Las Vegas and the 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 Vegas11.5%25.0%8.9%8.0%20.4%33.0%32.1%52.5%
Mid-Atlantic 4.1%7.6%8.9%7.0%13.0%14.6%17.5%17.5%
California *6.0%11.4%5.4%7.8%11.4%19.2% 
Bay Area CA*3.8%7.6%2.9%4.3%6.7%11.9%21.8%23.7%
So. California*5.9%11.5%5.0%7.0%10.9%18.5%24.4%28.4%
Hampton Roads        18.6%21.0% 
Northeast Florida        33.3%36.7% 
Georgia***            26.8%N/A
Toledo            32.2%30.1%
Des Moines            16.0%16.8%
Memphis*    11.7%16.5%     
Birmingham AL             
Springfield IL**               
*share of existing home sales, based on property records
**Single Family Only