Lawler: Preliminary Table of Distressed Sales and Cash buyers for Selected Cities in May

June 12, 2015 9:31 pm

Economist Tom Lawler sent me a preliminary table below of short sales, foreclosures and cash buyers for a few selected cities in May.

On distressed: Total “distressed” share is down in most of these markets mostly due to a decline in short sales (Mid-Atlantic is up year-over-year because of an increase in foreclosures in Baltimore).

Short sales are down in all of these areas.

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.

As Lawler noted last month: The Baltimore Metro area is included in the overall Mid-Atlantic region (covered by MRIS). Baltimore is shown separately because a large portion of the YOY increase in the foreclosure share of home sales in the Mid-Atlantic region was attributable to the significant increase in foreclosure sales in the Baltimore Metro area.

  Short Sales Share Foreclosure Sales Share Total “Distressed” Share All Cash Share
May-15 May-14 May-15 May-14 May-15 May-14 May-15 May-14
Las Vegas 7.3% 7.9% 8.0% 9.1% 15.3% 17.0% 21.9% 40.2%
Reno** 5.0% 11.0% 4.0% 6.0% 9.0% 17.0%    
Phoenix             24.0% 29.5%
Minneapolis 2.4% 3.9% 6.6% 10.0% 9.0% 13.9%    
Mid-Atlantic 3.4% 5.2% 10.4% 8.1% 13.8% 13.3% 16.2% 17.2%
Baltimore MSA**** 3.6% 5.8% 16.3% 11.9% 19.8% 17.6%    
Chicago (city)         16.2% 21.6%    
Hampton Roads         17.4% 21.3%    
Spokane         12.8% 17.0%    
Northeast Florida         26.7% 36.8%    
Toledo             26.1% 36.6%
Tucson             25.6% 31.3%
Des Moines             14.0% 17.5%
Peoria             17.9% 19.6%
Georgia***             20.3% 26.0%
Omaha                
Richmond VA MSA     8.5% 13.9%     14.9% 19.4%
Memphis     14.3% 15.6%        
Springfield IL**     5.4% 8.7%        
*share of existing home sales, based on property records
**Single Family Only
***GAMLS
****Baltimore is included in the Mid-Atlantic region, but is shown separately here

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