Economist Tom Lawler sent me the preliminary table below of short sales, foreclosures and cash buyers for several selected cities in April.
Note: From Lawler:
While I don’t yet have enough report/data to produce a “decent” projection for April existing home sales as measured by the National Association of Realtors, the data I’ve seen so far seems to be consistent with a annualized seasonally adjusted sales pace of about 4.67 million.
From CR: The NAR reported sales of 4.59 million SAAR in March, and 4.99 million SAAR in April 2013.
On distressed: 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 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. Omaha’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 | |||||
|---|---|---|---|---|---|---|---|---|
| Apr-14 | Apr-13 | Apr-14 | Apr-13 | Apr-14 | Apr-13 | Apr-14 | Apr-13 | |
| Las Vegas | 12.4% | 32.5% | 11.4% | 10.0% | 23.8% | 42.5% | 41.4% | 59.3% |
| Reno** | 15.0% | 33.0% | 6.0% | 8.0% | 21.0% | 41.0% | ||
| Phoenix | 4.0% | 12.7% | 6.5% | 11.3% | 10.5% | 24.1% | 32.2% | 42.0% |
| Minneapolis | 5.0% | 7.4% | 15.9% | 24.0% | 20.9% | 31.4% | ||
| Mid-Atlantic | 5.9% | 9.9% | 10.0% | 8.6% | 15.9% | 18.5% | 19.5% | 19.4% |
| Memphis* | 16.6% | 24.7% | ||||||
| Toledo | 33.4% | 40.8% | ||||||
| Des Moines | 17.1% | 19.6% | ||||||
| Omaha | 22.3% | 17.4% | ||||||
| Tucson | 30.5% | 33.5% | ||||||
| Georgia*** | 34.3% | N/A | ||||||
| *share of existing home sales, based on property records **Single Family Only ***GAMLS |
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