Distressed Inventory Report 7-24-10
The Notice of Trustee sale (NTS) just keep climbing. There were 7 alone in South Bellevue (SB). What is interesting and what the spreadsheet does not show is the price range these are in. In 2009 there was a lot of new construction but now over 90% of these are under $500,000 with many of those being condos. In the Bellevue area it appears many of the high end homes have worked their way through the system but if things keep dragging this could change. It appears that many people who were hanging on just can’t do it any longer. In the last few months there was some churning where there would new NTS homes coming to the market but that was offset with sales. It is apparent that with the expiration of the homebuyer tax credit that the lower end is suffering and that offsetting sales have slowed down. You can start to see the short sale inventory increase in the listed MLS inventory.
Here is the spreadsheet: Bellevue Foreclosure Report 7-24-10