Distressed Inventory Report July 3, 2010

By George Thurtle

The numbers keep rising. Not as dramatic as last week but definetly the trend continues to see the amount of distressed inventory increasing especially the Notice of Trustee sales. It looks like the lenders have geared up and made the decision to start foreclosing. The most notable trend not showing in the numbers is the average price of the homes having their Notice of Trustee sale. In the last couple of years the homes being foreclosed were mainly at the lower end of the market. Now this week there are a number of homes over$1,000,000.

The other interesting thing to view in the numbers is that while there is a ballooning inventory of distressed inventory the amount of listed foreclosed bank owned homes is an all time low. However in about 90 days this inventory should start making its way through the system. What has happened now is that the last wave of inventory was cleaned out given the robust sales in the spring. Banks are having problems coping with the volumes and it will take some time to bring inventory to the market.

The spreadsheet is here: Bellevue Foreclosure Report 7-3-10

Tags: , , ,

Leave a Reply