Distressed Inventory Report 10-10-09
A slight uptick in distressed inventory. Overall the number of distressed homes has increased to 75 from 73. The number of Notice of Trustee Sale remained steady but the number of new foreclosed homes jumped by two homes to 29. Sales did not offset the new sales. I appears we will be oscillating around the 75 number for the next few months. We have have had a burst of sales the last three months and it feel that will be leveling out. Particularly if you review the September numbers and see they have jumped to over $250 per sq. ft. this should slow down sales but the inventory has also declined substantially.
Looks like we are reaching a point where the market is trying to climb higher but the market has a pretty steep wall to climb given the economic conditions and there may be some resistance to the increasing pricing. If the distressed inventory starts building again you will probably see the per sq. ft. sales price trending back to the $200 per sq. ft. level. Click on the link for the spreadsheet.
The total number of distressed properties seem fairly low for Bellevue at this point, but they seem to be rising a bit.
East Bellevue has seen a big reduction in its distressed inventory without the “second wave” being experienced in other markets of King County. There probably will be a mild increase in distressed inventory as its hard to maintain a pattern of declining distressed inventory in an economy of overall rising unemployment but the fundamentals of price and location for East Bellevue has kept East Bellevue as one of the markets with the least distressed inventory