Distressed Inventory Report 6-19-10
The numbers held steady this week with very little change. After the increases of the last couple of months there may be signs of the distressed inventory leveling off. There is some market activity as you can see on the spreeadsheet as there were new NTS in each area but apparently there was an offsetting amount of inventory being removed from the market.
The one thing though is that if you look at the spreadsheet is the MLS listed bank inventory is at an all time low. There has always been a big gap between the bank owned homes on the public record and the actual homes listed in the MLS and this trend appears to continuing even more dramatically. If anyone has any ideas or explanations for this please give us your perspective for this. I have mine which is the bank servicers are overwhelmed and the banks refuse to staff up to handle these homes because of the negative impact to their bottom line but I think there is more going on; so if anyone has any insights please let us know.
The spreadsheet is here: Bellevue Foreclosure Report 6-19-10