Housing: Short Sales increase, Foreclosure Sales down Year-over-year
CR Note: 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 this morning: Distressed House Sales using Sacramento Data)
Economist Tom Lawler sent me the following table today for several other areas. For most of the areas (with the exception of Reno), the distressed share of sales is down from January 2011. The share of short sales has increased in most areas, while the share of foreclosure sales are down – and down significantly in some areas.
| Short Sales Share | Foreclosure Sales Share | Total “Distressed” Share | ||||
|---|---|---|---|---|---|---|
| 11-Jan | 12-Jan | 11-Jan | 12-Jan | 11-Jan | 12-Jan | |
| Las Vegas | 26.6% | 28.1% | 48.8% | 45.5% | 75.4% | 73.6% |
| Reno | 40.0% | 37.0% | 37.0% | 40.0% | 77.0% | 77.0% |
| Phoenix | 22.6% | 29.8% | 47.6% | 27.9% | 70.2% | 57.7% |
| Sacramento | 25.6% | 32.1% | 47.6% | 34.5% | 73.2% | 66.6% |
| Minneapolis | 15.6% | 16.2% | 45.3% | 39.1% | 60.9% | 55.3% |
| Mid-Atlantic (MRIS) | 14.7% | 16.4% | 26.7% | 16.9% | 41.4% | 33.3% |
Note: The table is a percentage of total sales.
The general trend is short sales are up, and foreclosure sales are down – and total distressed sales are down too, although this could be related to the foreclosure process issues.
