Economist Tom Lawler sent me the preliminary table below of short sales, foreclosures and cash buyers for several selected cities in February.
From CR: This is just a few markets for February – more to come.
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 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 declining year-over-year. As investors pull back, the share of all cash buyers will probably decline.
In general it appears the housing market is slowly moving back to normal.
| Short Sales Share | Foreclosure Sales Share | Total “Distressed” Share | All Cash Share | |||||
|---|---|---|---|---|---|---|---|---|
| Feb-14 | Feb-13 | Feb-14 | Feb-13 | Feb-14 | Feb-13 | Feb-14 | Feb-13 | |
| Las Vegas | 14.0% | 37.9% | 12.0% | 10.2% | 26.0% | 48.1% | 46.8% | 59.5% |
| Reno** | 13.0% | 37.0% | 7.0% | 13.0% | 20.0% | 50.0% | ||
| Phoenix | 5.3% | 15.0% | 8.3% | 13.8% | 13.7% | 28.8% | 33.6% | 46.1% |
| Sacramento | 12.3% | 30.3% | 7.0% | 13.5% | 19.3% | 43.8% | 26.5% | 39.5% |
| Minneapolis | 5.0% | 11.3% | 25.3% | 32.7% | 30.3% | 43.9% | ||
| Mid-Atlantic | 7.7% | 13.6% | 10.9% | 12.1% | 18.6% | 25.6% | 21.4% | 22.8% |
| So. California* | 9.4% | 22.4% | 6.8% | 16.2% | 16.2% | 38.6% | 30.9% | 36.9% |
| Hampton Roads | 30.7% | 34.2% | ||||||
| Memphis* | 22.1% | 29.0% | ||||||
| Springfield IL** | 17.9% | 26.4% | ||||||
| *share of existing home sales, based on property records **Single Family Only ***GAMLS |
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