Distressed Inventory Report 8-28-10
The inventory of distressed homes does appear to be peaking. There is a lot of turn over in the homes with Notice of Trustee Sale with many of those numbers falling; particularly in South Bellevue and East Bellevue. You can most likely read into this that more banks are approving short sales. The only area which appears to be having a continuing increae in inventory is West Bellevue. Both the number of bank owned and NYS homes were up and gradually continue to creep up.
If the distressed inventory is peaking that will be good for the market overall. However now the big concern in the next couple of months is a negative news cycle as Wall Street figures out that it was overly optimistic about the economy and comes to the realization that this cycle is not the traditional recovery cycle they are used to.
The spreadsheet is here: Bellevue Foreclosure Report 8-28-10