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 Share | Foreclosure Sales Share | Total “Distressed” Share | All Cash Share | |||||
|---|---|---|---|---|---|---|---|---|
| Sep-14 | Sep-13 | Sep-14 | Sep-13 | Sep-14 | Sep-13 | Sep-14 | Sep-13 | |
| Las Vegas | 10.4% | 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% | ||||||
| Sacramento | 5.3% | 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 |
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