RSS Feed by Calculated Risk on 11/21/2013 04:49:00 PM
Thursday, November 21, 2013
Lawler: Updated Table of Distressed Sales and Cash buyers for Selected Cities in October (including Florida)
Economist Tom Lawler sent me an updated table below of short sales, foreclosures and cash buyers for several selected cities in October.
Lawler writes: "Note the low share of short sales relative to foreclosure sales in Florida last month, which reflects the “very aged” nature of the “distressed” property inventory."
From CR: Also note that foreclosures have declined significantly in most areas - but not in Florida. This is probably because of the large backlog of foreclosures in the judicial system.
The All Cash Share (last two columns) is mostly declining year-over-year. However in certain areas of Florida there is still a significant amount of cash buying (frequently investors, but in Florida this might be foreigners - and maybe some drug related buying).
| Short Sales Share | Foreclosure Sales Share | Total "Distressed" Share | All Cash Share | |||||
|---|---|---|---|---|---|---|---|---|
| Oct-13 | Oct-12 | Oct-13 | Oct-12 | Oct-13 | Oct-12 | Oct-13 | Oct-12 | |
| Las Vegas | 21.0% | 44.7% | 6.0% | 11.6% | 27.0% | 56.3% | 44.9% | 54.1% |
| Reno | 16.0% | 40.0% | 4.0% | 12.0% | 20.0% | 52.0% | ||
| Phoenix | 8.4% | 26.2% | 6.9% | 12.9% | 15.3% | 39.1% | 31.6% | 43.9% |
| Sacramento | 11.4% | 35.7% | 5.1% | 12.0% | 16.5% | 47.7% | 23.9% | 36.9% |
| Minneapolis | 5.1% | 10.4% | 16.4% | 24.9% | 21.5% | 35.3% | ||
| Mid-Atlantic | 7.9% | 9.1% | 8.2% | 13.0% | 16.1% | 22.1% | 19.9% | 20.0% |
| Orlando | 15.1% | 29.8% | 20.7% | 23.2% | 35.8% | 53.0% | ||
| California* | 12.6% | 26.7% | 6.6% | 17.1% | 19.2% | 43.8% | ||
| Bay Area CA* | 10.3% | 22.9% | 3.6% | 11.7% | 13.9% | 34.6% | 22.8% | 29.6% |
| So. California* | 12.9% | 27.2% | 6.3% | 16.3% | 19.2% | 43.5% | 27.5% | 32.8% |
| Florida SF | 12.0% | 22.6% | 19.3% | 17.9% | 31.3% | 40.5% | 44.4% | 46.5% |
| Florida C/TH | 9.5% | 18.4% | 17.3% | 16.7% | 26.9% | 35.1% | 68.7% | 74.3% |
| Miami MSA SF | 16.0% | 24.2% | 14.9% | 16.9% | 30.9% | 41.1% | 46.9% | 44.1% |
| Miami MSA C/TH | 11.4% | 20.4% | 19.5% | 16.9% | 30.9% | 37.4% | 73.4% | 78.3% |
| Northeast Florida | 35.7% | 44.2% | ||||||
| Chicago | 34.0% | 43.0% | ||||||
| Hampton Roads | 25.5% | 28.3% | ||||||
| Toledo | 37.0% | 38.6% | ||||||
| Tucson | 32.9% | 31.8% | ||||||
| Memphis | 39.2% | 39.6% | ||||||
| Wichita | 30.5% | 27.2% | ||||||
| Des Moines | 20.2% | 21.7% | ||||||
| Peoria | 21.1% | 23.7% | ||||||
| Omaha | 20.0% | 20.4% | ||||||
| SE Michigan | 34.5% | 44.3% | ||||||
| Spokane | 13.8% | 8.4% | ||||||
| Houston | 7.5% | 15.5% | ||||||
| Memphis* | 18.4% | 22.9% | ||||||
| Birmingham AL | 21.0% | 30.8% | ||||||
| Springfield IL | 15.3% | 18.4% | ||||||
| *share of existing home sales, based on property records | ||||||||
