Bank Owned Inventory
The amount of bank owned homes in MLS area 530 seems to be declining. The MLS only list three bank owned homes. Now that number is low because not all agents check the box but going to the public records for 98008 there only shows 5 bank owned homes if which only two are listed. This is a big drop in January when the market look to be falling off of a cliff there were over 20 bank owned homes in 98008. Also you will notice in the weekly reports that the number of homes in the sold and pending sales that are either short sales or bank owned keeps declining. It is the distressed property that drives down values and to have 1% of the inventory be bank owned is probably one of the lowest numbers in the country.
While it appears the pressure downward may be easing some by the reduction of the “distrssed” inventory and the great fundamentals of the East bellevue location, there appears to be nothing to drive values up. There is still increasing unemployment and there is still a lot of liquidity issues to work through the banking system and it will be interesting to see if the buyers elect to participate in the market if they cannot purchase distrssed inventory but overall the East Bellevue market area is probably one of the better stories in the real estate market place.
If anyone would like a list of the bank owned properties please let me know. I haver the public records list for 9005, 98007 and 98008. It includes all of the inventory just not the listed inventory in the MLS.