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 | ||||||||