Distressed Inventory Report 1-16-10
The numbers keep creeping up. East Bellevue is up to 111 homes total distressed inventory. West and South Bellevue held steady on their numbers for the week. However it appears the more moderate price range is starting to have some troubles. Those folks who have hung on are having problems finding a job and now the day of reckoning is approaching. These are the mid-level managers and higher end wage earners who have lost employment and find their employment prospects bleak. It was thought that the upper end, in particular West Bellevue, was going to be a disaster but that is not shaping up to be the case. Home prices are not moving up but even with the most expensive homes if the price gets to be the right level there appears to be plenty of buyers. At least enough demand to meet the present amount of inventory being created. However in East Bellevue those homes are not the luxury homes but great middle class homes in a great location but that portion of the market, middle income, seems to be struggling. Some job employment incentives and programs had better be created quickly or the trend of the shrinking middle class might start accelerating if some of these folks with good skills and experience don’t have the opportunity to put those skills and experience to use.
Here is the link for the spreadsheet: Bellevue Foreclosure Report 1-16-10