Lawler: Existing Home Foreclosures and Short Sale percentages for a few areas

Lawler: Existing Home Foreclosures and Short Sale percentages for a few areas

by CalculatedRisk on 10/12/2011

There are only a few areas where the MLS breaks down monthly sales by foreclosure, short sales and conventional (non-distressed) sale. I’ve been tracking the Sacramento market to watch for changes in the mix over time. (here was my post yesterday: Distressed House Sales using Sacramento Data)

Economist Tom Lawler sent me the following table today for a few other areas. The usual suspects have the highest percentage of distressed sales: Las Vegas and Phoenix. Sacramento is similar to Phoenix.

The Mid-Atlantic area – covered by the MRIS (Metropolitan Regional Information Systems, Inc.) has a relatively low level of distressed sales.

Why short sales in Minneapolis are so low relative to foreclosures  is a mystery …

I’ll be watching for when the percentage of distressed sales starts to decline (I might have to be patient!).

September MLS Sales Share, Selected Areas
Foreclosure Share Short Sales Share “Non-Distressed” Share
Las Vegas 49.4% 23.5% 27.1%
Reno (SF) 38.0% 31.0% 31.0%
Phoenix 37.1% 27.0% 35.9%
Sacramento 37.9% 26.1% 36.0%
Minneapolis 28.4% 11.3% 60.3%
“Mid-Atlantic”* 14.4% 12.6% 73.0%
*area covered by MRIS, including DC and Baltimore metro areas

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