Economist Tom Lawler sent me the updated table below of short sales, foreclosures and cash buyers for several selected cities in July.
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 distressed: Total “distressed” share is down in all of these markets, mostly because of a sharp decline in short sales.
Short sales are down in all of these areas.
Foreclosures are down in most of these areas too, although foreclosures are up a little in few areas like Nevada, Sacramento, Orlando, Miami and the Mid-Atlantic (areas with foreclosure delays related to a judicial foreclosure process or state law changes).
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 Share | Foreclosure Sales Share | Total “Distressed” Share | All Cash Share | |||||
|---|---|---|---|---|---|---|---|---|
| July-14 | July-13 | July-14 | July-13 | July-14 | July-13 | July-14 | July-13 | |
| Las Vegas | 11.5% | 28.0% | 10.1% | 8.0% | 21.6% | 36.0% | 35.6% | 54.5% |
| Reno** | 8.0% | 21.0% | 4.0% | 7.0% | 12.0% | 28.0% | ||
| Phoenix | 3.7% | 11.5% | 5.9% | 9.4% | 9.6% | 20.8% | 24.8% | 35.8% |
| Sacramento | 5.7% | 17.9% | 6.3% | 5.1% | 12.0% | 23.0% | 20.9% | 25.5% |
| Minneapolis | 3.0% | 5.7% | 9.5% | 15.0% | 12.5% | 20.7% | ||
| Mid-Atlantic | 4.3% | 6.6% | 7.7% | 6.6% | 12.1% | 13.2% | 17.1% | 16.1% |
| Orlando | 8.3% | 17.9% | 24.4% | 17.5% | 32.7% | 35.4% | 39.6% | 47.8% |
| California * | 6.6% | 12.7% | 5.6% | 8.3% | 12.2% | 21.0% | ||
| Bay Area CA* | 4.2% | 8.5% | 2.7% | 4.6% | 6.9% | 13.1% | 20.2% | 23.5% |
| So. California* | 5.9% | 12.7% | 5.2% | 7.7% | 11.1% | 20.4% | 24.5% | 30.0% |
| Miami MSA SF | 8.5% | 17.8% | 17.4% | 12.9% | 25.9% | 30.7% | 38.6% | 43.2% |
| Miami MSA C/TH | 5.1% | 12.6% | 21.7% | 17.1% | 26.8% | 29.7% | 68.1% | 75.0% |
| Georgia*** | 24.1% | N/A | ||||||
| Toledo | 32.9% | 35.0% | ||||||
| Wichita | 28.0% | 24.1% | ||||||
| Des Moines | 15.1% | 15.1% | ||||||
| Peoria | 18.4% | 18.6% | ||||||
| Tucson | 26.2% | 29.1% | ||||||
| Omaha | 17.0% | 15.9% | ||||||
| Pensacola | 32.9% | 30.0% | ||||||
| Memphis* | 13.4% | 16.9% | ||||||
| *share of existing home sales, based on property records **Single Family Only ***GAMLS |
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