by Calculated Risk on 5/10/2013 02:45:00 PM

Economist Tom Lawler sent me the preliminary table below of short sales, foreclosures and cash buyers for several selected cities in April. 

Look at the two columns in the table for Total "Distressed" Share. In every area that has reported distressed sales so far, the share of distressed sales is down year-over-year - and down significantly in some areas. 

Also there has been a decline in foreclosure sales in all of these cities.  Also there has been a shift from foreclosures to short sales. In all of these areas - except Minneapolis- short sales now out number foreclosures.

Tom Lawler writes:

Note that in Vegas the foreclosure sales share last month way down from a year, and the total “distressed” sales share in down a lot as well, but the all-cash share of sales was higher, which appears to imply sharply higher purchases of non-foreclosure and even non-distressed homes by institutional and other investors. While the “all-cash” share of sales last month was down a bit from a year ago in Phoenix, the drop was significantly lower than the decline in distressed sales – again apparently reflecting sharply higher non-foreclosure and non-distressed home purchases by institutional and other investors.

	Short Sales Share		Foreclosure Sales Share		Total "Distressed" Share		All Cash Share
	13-Apr	12-Apr	13-Apr	12-Apr	13-Apr	12-Apr	13-Apr	12-Apr
Las Vegas	32.5%	29.9%	10.0%	36.9%	42.5%	66.8%	59.3%	54.9%
Reno	33.0%	32.0%	8.0%	26.0%	41.0%	58.0%
Phoenix	12.7%	25.2%	11.3%	18.8%	24.1%	44.0%	42.0%	47.6%
Minneapolis	7.4%	10.7%	24.2%	32.0%	31.6%	42.7%
Mid-Atlantic (MRIS)	9.9%	12.2%	8.6%	11.0%	18.5%	23.2%	19.4%	19.4%
Memphis*			24.8%	34.9%
*share of existing home sales, based on property records