Distressed Inventory Report 11-14-09
No real definite trends yet. As we discussed last week there was a dichotomy occurring where the overall numbers of distressed inventory was rising and the NTS/Foreclosure ratio was falling. As I discussed in that Post having declining NTS numbers and the number of increased foreclosed homes is not a sustainable condition since with declining NTS numbers the ultimate number of distressed homes need to fall. East Bellevue did break the trend this week with the overall number of distressed homes rising by only one but the NTS/Foreclosure ratio also bumped up a little bit from 1.12 to 1.14. This means for every home that is foreclosed there is 1.14 homes have their NTS (Notice of Trustee Sale) filed. We will need to see if this trend continues.
West Bellevue was another story. They had the same weird trend going on. Their overall distressed inventory increased by one home from 66 to 67 but the NTS/Foreclosed ratio fell to an all time low of .76. However there were two new foreclosures that popped up out of nowhere so let’s also give this one another couple of weeks for these anomalies to work through.
South Bellevue made a little more sense. The number of homes remained steady at 44 but the NTS/Foreclosure ratio fell under 1.0 to .91. This is the only market that is sending a very timid signal that things may be peaking but again the next two to three weeks will be critical.
The one thing I am noticing is that the banks are starting to bring foreclosed inventory to the market a little quicker. Click on the link for the spreadsheet.