Distressed Inventory Report 1-8-11
The numbers have started back up. West bellevue had a very large unexplained spike of foreclosed homes withe a jump from 15 to 28 in one week. In addition there was not new offsetting inventory to account for the spike. usually when a spike like this occurs there is a new construction project which has had some condominium units taken back by the bank. Also in Bellevue two new bank owned waterfront homes have come on the market. On eis over $5,000,000 located on Evergreen Point Rd. Will be interesting to see how quick it sells.
The amount of foreclosed inventory usually starts increasing on a seasonal basis this time of year. The big issue in the next month will be how much and how quick. There is a lot of speculation the numbers were down as the banks clean up their foreclosure practices and that now that issue is behind them and there is a pipeline of back up homes to foreclose on and bring to market. The next month will tell.
The spreadsheet is here: Bellevue Foreclosure Report 1-8-11