Economist Tom Lawler sent me the preliminary table below of short sales, foreclosures and cash buyers for a few selected cities in November.
On distressed: Total “distressed” share is down in these markets mostly due to a decline in short sales (the Mid-Atlantic was unchanged).
Short sales are down significantly in these areas.
Foreclosures are up in Las Vegas and the Mid-Atlantic (working through the logjam).
The All Cash Share (last two columns) is 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 | |||||
|---|---|---|---|---|---|---|---|---|
| Nov-14 | Nov-13 | Nov-14 | Nov-13 | Nov-14 | Nov-13 | Nov-14 | Nov-13 | |
| Las Vegas | 9.5% | 21.0% | 8.7% | 7.0% | 18.2% | 28.0% | 32.8% | 43.7% |
| Reno** | 6.0% | 17.0% | 6.0% | 6.0% | 12.0% | 23.0% | ||
| Phoenix | 28.0% | 34.0% | ||||||
| Minneapolis | 3.1% | 5.0% | 10.2% | 16.9% | 13.4% | 21.9% | ||
| Mid-Atlantic | 4.7% | 7.5% | 11.0% | 8.1% | 15.7% | 15.7% | 19.1% | 19.6% |
| Chicago (City) | 20.2% | 30.8% | ||||||
| Tucson | 26.3% | 32.2% | ||||||
| Toledo | 35.4% | 37.2% | ||||||
| Des Moines | 19.3% | 19.9% | ||||||
| Peoria | 19.7% | 21.8% | ||||||
| Georgia*** | 26.5% | N/A | ||||||
| Omaha | 21.1% | 21.6% | ||||||
| Memphis* | 15.1% | 20.5% | ||||||
| *share of existing home sales, based on property records **Single Family Only ***GAMLS |
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