Distressed Inventory Report May 8, 2010
Well I have been gone for the week and just got back but a lot has happened. The numbers have taken a big jump up but that is mainly due to a couple of condo projects brining units to the market but even without those units coming to the market there was an overall increase. In East Bellevue Homestreet Bank filed a notice of trustee sale on a condo covnersion project known as Champagne at Bellevue. This project should never have been contemplated it was a marginal 1970s low density surface park apartment buillding that was converted to condominiums. In my opinion this project should be sold by Homestreet as an apartment building and not try to sell as condos. Even in the best market this project would have struggled. In West Bellevue a speculator at Washington Square that actually closed on some of its units is now having them taken back and a notice of trustee sale has been filed. Tomorrow I will be updating this activity for the week of May 9th.
The spreadsheet is here: Bellevue Foreclosure Report 5-9-10