Distressed Inventory Report 2-6-10

By George Thurtle

The beat goes on. This week distressed inventories rose in all areas. The hardest hit area was East Bellevue (EB). It is up to 132 homes from 123 last week and its NTS/Foreclosure ratio is approaching 1.5. The middle class keeps getting hammered. WB has a small increase from 51 to 53 and SB was up four homes from 55 to 59.

The story this week is that the lenders seem to be real slow getting the inventory to the market. In EB where there are 53 bank owned homes there are only six homes listed. On the January 9th report there was the same 53 foreclosed homes but 13 bank owned homes were listed in the MLS.

Overall if you look at the spreadsheet the bank owned inventory has stayed steady. The homes that are NTS are climbing for the because the lenders had a back log of homes to put into foreclosure until they figured out how to deal with the Washington State’s new requirement that requires the lender to attempt to contact the borrower and see if there is an alternative to foreclosure.

Looks like there will be a number of bank owned homes coming to the market in the summer unless they get short sold in the meantime. The spreadsheet link is here: Bellevue Foreclosure Report 2-6-10

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