Wikinvest Wire

A graphic depiction of distressed RE sales

Thursday, March 19, 2009

This report from the Las Vegas Sun carries one of the better graphics that have crossed my computer screen lately depicting the extent to which distressed sales have impacted the local real estate market in and around "Sin City".

Of course, conditions are much worse in Nevada than in most other parts of the country, but large swaths of California, Florida, and Arizona probably have real estate sale figures that are not too different from these. The report by Chris Morris and Alex Richards contains just the following commentary.

When Nevadans started to realize they were at the epicenter of a full-blown foreclosure crisis in 2007, riding a rising wave of loan defaults that eventually turned into auctions and bank repossessions, they didn't really understand what was in store for the real estate market. In the valley today, foreclosure sales largely outpace regular sales, and they drive the median price of single-family homes down considerably — by roughly $25,000 in February.
The graphic really tells the story:

IMAGE Nice work.

3 comments:

Anonymous said...

Awesome post / graphic. Thanks.

Anonymous said...

While I don't have the long term historic data here is short sales and foreclosure sales (after trustee deed, sold on the mls) as a percentage of total sales for my local area in California (San Fernando Valley and Ventura County)

Some of these flags didn't exist (or weren't widely used) early last year so the rise isn't quite as meteoric as the table shows.

http://effectivedemand.blogspot.com/2009/03/short-sale-foreclosure-for-san-fernando.html

Tim said...

Thanks - I can make a stacked bar chart out of that in a jiffy!

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