In the most recent quarterly index report, the agency said it has located several databases “including a licensed data set of foreclosure-related filings” from county offices to identify stressed sales in the 12 metro areas with the greatest peak-to-current price declines — the most distressed sales, that is. They are Atlanta, Chicago, Los Angeles, Miami, Fla., Oakland, Calif., Phoenix, Riverside, Calif., San Diego, San Francisco, Santa Ana, Calif., Tampa, Fla., and Warren-Troy-Farmington Hills, Mich.
Not Oklahoma City, for obvious reasons: Distressed home sales have been happening here — and in neighborhoods with more than one or two short sales or bank-owned sales, comps have come back with heartburn for some sellers. But on the national scale, the bad news here is not statistically significant.
So, let's keep that in mind. And when the FHFA gets the bugs worked out of its distress-free index, let's not read or hear about goings-on in Atlanta, Chicago, Los Angeles, Phoenix and so on and think it means anything for us. Whether they make you want to wring your hands or pop open Champagne, home prices are local, local, local for each location, location, location.