Economist Tom Lawler sent me the preliminary table below of short sales, foreclosures and cash buyers for several selected cities in March.
From CR: 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 Orlando – 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’s cash share is up.
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 | |||||
|---|---|---|---|---|---|---|---|---|
| Mar-14 | Mar-13 | Mar-14 | Mar-13 | Mar-14 | Mar-13 | Mar-14 | Mar-13 | |
| Las Vegas | 12.9% | 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% | ||
| Phoenix | 5.1% | 15.1% | 6.9% | 11.6% | 11.9% | 26.8% | 33.1% | 41.5% |
| Sacramento | 8.2% | 27.0% | 7.9% | 10.5% | 16.1% | 37.5% | 22.5% | 36.5% |
| Minneapolis | 4.7% | 9.3% | 21.9% | 28.3% | 26.6% | 37.6% | ||
| Mid-Atlantic | 6.4% | 11.4% | 10.9% | 10.7% | 17.3% | 22.1% | 19.9% | 20.6% |
| Orlando | 7.9% | 21.7% | 23.7% | 21.4% | 31.6% | 43.0% | 44.6% | 55.6% |
| So. California* | 7.7% | 18.7% | 6.4% | 13.8% | 14.1% | 32.5% | 29.1% | 35.1% |
| Hampton Roads | 24.5% | 28.4% | ||||||
| Northeast Florida | 39.1% | 40.2% | ||||||
| Toledo | 40.7% | 38.9% | ||||||
| Des Moines | 20.8% | 19.1% | ||||||
| Tucson | 33.5% | 35.0% | ||||||
| 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 |
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