Distressed Inventory Report 10-2-10
The drop in distressed inventory is accelerating. We are seeing areas with very large week to week decreases in their NTS inventory (Notice of Trustee Sale). In the weeks prior when the inventory was peaking there was a trend in which there would be a large number of new NTS but the overall inventory of NTS would remain stable. It appears now that the churning at the bottom with short sales and maybe some homes going to foreclosure is still happening but no replacement inventory is coming to the market.
The demand overall in the market is not great but most of the buyers are focusing on the distressed inventory and that segement of the market has dwindling inventory and well priced short sale homes are receiving multiple offers. The best opportunity now is “aged” short sales where the sellers need to get something to present to the lender in order to hold off foreclosure. However avoid being too aggressive and setting the stage for another buyer:
The spreadsheet is here: Bellevue Foreclosure Report 10-2-10