Distressed Inventory Report 9-25-10
I keep getting behind on my dates but hopefully will be able to catch up next week. Definetly the two trends that developed in September of peaking inventory and a lot of churning regarding the NTS is continuing. The 98008 saw five new NTS but an overall drop in the NTS from 52 to 39. This antidotally corresponds to what I am seeing in the office with short sales being processed in a much more timely manner. There was one just done in our office on the Bank of America’s Equator system in less than 45 days. The Equator system seems to be getting much more efficient processing these short sales more like a reverse loan and the numbers appear to reflect that. Also I think the banks are finally dealing with reality and would much rather do a short sale than actually own the home.
A streamlined approval process for short sale has been something I have been advocating for a long time and it appears to be gradually being taking hold in the banking industry. Another sign that the banks seem more willing to short sale is the fact that the number of foreclosures appear to have stopped climbing. East Bellevue is now down to 160 distressed homes compared to a peak of 235 homes in the July 24th report.
The spreadsheet is here: Bellevue Foreclosure Report 9-25-10