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Wednesday, December 10, 2014

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

by Calculated Risk on 12/10/2014 03:55:00 PM

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

On distressed: Total "distressed" share is down in these markets mostly due to a decline in short sales (the Mid-Atlantic was unchanged).

Short sales are down significantly in these areas.

Foreclosures are up in Las Vegas and the Mid-Atlantic (working through the logjam).

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.

  Short Sales ShareForeclosure Sales Share Total "Distressed" ShareAll Cash Share
Nov-14Nov-13Nov-14Nov-13Nov-14Nov-13Nov-14Nov-13
Las Vegas9.5%21.0%8.7%7.0%18.2%28.0%32.8%43.7%
Reno**6.0%17.0%6.0%6.0%12.0%23.0%   
Phoenix            28.0%34.0%
Minneapolis3.1%5.0%10.2%16.9%13.4%21.9%   
Mid-Atlantic 4.7%7.5%11.0%8.1%15.7%15.7%19.1%19.6%
Chicago (City)        20.2%30.8%   
Tucson            26.3%32.2%
Toledo            35.4%37.2%
Des Moines            19.3%19.9%
Peoria            19.7%21.8%
Georgia***            26.5%N/A
Omaha            21.1%21.6%
Memphis*    15.1%20.5%       
*share of existing home sales, based on property records
**Single Family Only
***GAMLS