Distressed Inventory Report 11-6-10

By George Thurtle

It is evident there was a back log due to the foreclosure moratorium by the major lenders. However this week the nes is that the banks are steeping up the rate of actual foreclosures. Last week the Notice of Trustee sales (NTS) saw a big spike in their numbers, however this week the it is the foreclosures themselves which are increasing. There is still a number of homes going NTS but nat as many as last week. Also there appears to be a lot od churning with at loeast 3 or 4 homes that were NTS being removed and then being replaced. Basically you need almost 5 or 6 new homes going NTS to offset the market and foreclosure activity. Most of the bank owned propoerties however are of a realtively low grade mainly condos and entry level housing. There are some nice newer ones in the 98005 zip code in the Glendale area and some real expensive ones in West Bellevue but that is about it. Aged short sales seem to be presenting the most opportunity right now. Also if any one has any interest I will be listing a new construction and unfinished home in the Kel;sey Glen area but there is no reason an offer cannot be submitted now.

The swpreadsheet is here: Bellevue Foreclosure Report 11-6-10

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