Friday, October 10, 2014

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

by Calculated Risk on 10/10/2014 04:02:00 PM

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

Lawler also noted: "While I do not yet have enough local realtor/MLS reports to produce a reliable estimate for national existing home sales last month, my very early read is that NAR-based existing home sales ran at a seasonally adjusted annual rate of about 5.14 million in September, up 1.8% from August."

On distressed: Total "distressed" share is down in these markets due to a decline in short sales.

Short sales are down significantly in these areas.

Foreclosures are up slightly in several of these areas.

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
Sep-14Sep-13Sep-14Sep-13Sep-14Sep-13Sep-14Sep-13
Las Vegas10.4%23.0%8.8%7.0%19.2%30.0%34.3%47.2%
Reno**7.0%20.0%7.0%5.0%14.0%25.0% 
Phoenix            25.7%33.4%
Sacramento5.3%12.1%6.5%3.9%11.8%16.0%19.4%23.6%
Mid-Atlantic 5.5%7.7%9.7%8.2%15.2%15.9%19.1%18.4%
Tucson            26.7%29.8%
Toledo            31.4%38.1%
Des Moines            16.8%19.2%
Georgia***            27.4%N/A
Omaha            19.9%19.1%
Memphis*    11.7%16.5%       
*share of existing home sales, based on property records
**Single Family Only
***GAMLS