Distressed Inventory Report 1-23-10
Like last week the numbers keep creeping up. The interesting area though is West Bellevue (WB). It saw no increase in foreclosures and the number of Notice of Trustee Sales (NTS) declined. As we have discussed before a lot of the distressed inventory was new construction in WB and that has been cleaned out. I think that is what may be causing the declining numbers. We will see how the numbers look in the next few weeks to get an overall feel how much the new construction was effecting the distressed inventory in WB. East Bellevue (EB) is gradually rising but the bulk of the new NTS was a new neighborhood off of SE 7th. I am very familiar with that situation since I had these homes listed at one point in time. South Bellevue (SB) seemed to be holding steady.
There still seems to be a real lag time between when the lender gets the home back and gets it in the MLS. The servicers handling these homes for the banks appear to be overwhelmed. The problem is that a foreclsoure is a cost and the banks are hesitant to spend any funds to expand these operations.
The link for the spreadhshhet is here: Bellevue Foreclosure Report 1-23-10