by Calculated Risk on 4/16/2013 04:33:00 PM
Tuesday, April 16, 2013
Lawler: Updated Table of Short Sales and Foreclosures for Selected Cities in March
Economist Tom Lawler sent me the updated table below of short sales and foreclosures for several selected cities in March.
Look at the right two columns in the table below (Total "Distressed" Share for March 2013 compared to March 2012). In every area that has reported distressed sales so far, the share of distressed sales is down year-over-year - and down significantly in many areas.
This is worth repeating: Imagine that the number of total existing home sales doesn't change or even declines over the next year - some people would argue that is "bad" news and the housing market isn't recovering. But also imagine that the share of distressed sales declines sharply, and conventional sales increase significantly. That would be a positive sign - and that is what is now happening.
I think the two keys for existing housing are active inventory and the number of conventional sales.
Short Sales Share | Foreclosure Sales Share | Total "Distressed" Share | ||||
---|---|---|---|---|---|---|
13-Mar | 12-Mar | 13-Mar | 12-Mar | 13-Mar | 12-Mar | |
Las Vegas | 33.3% | 26.6% | 11.2% | 40.7% | 44.5% | 67.3% |
Reno | 32.0% | 34.0% | 9.0% | 32.0% | 41.0% | 66.0% |
Phoenix | 15.1% | 25.7% | 11.6% | 21.1% | 26.8% | 46.8% |
Sacramento | 27.0% | 29.0% | 10.5% | 30.7% | 37.5% | 59.7% |
Minneapolis | 9.3% | 12.4% | 28.6% | 36.5% | 37.9% | 48.9% |
Mid-Atlantic (MRIS) | 11.4% | 13.2% | 10.7% | 14.7% | 22.1% | 27.9% |
Orlando | 21.7% | 33.1% | 21.3% | 26.0% | 43.1% | 59.2% |
Hampton Roads | 28.4% | 33.5% | ||||
Northeast Florida | 40.0% | 43.2% | ||||
Chicago | 43.0% | 46.0% | ||||
Charlotte | 12.3% | 15.8% | ||||
Metro Detroit | 35.4% | 46.6% | ||||
Memphis* | 26.8% | 32.7% | ||||
*share of existing home sales, based on property records |