Distressed Inventory Report 3-12-11
Another downturn this week in the overall amount of distressed inventory. Generally it should be going up but it looks like a lot of things have worked through the system. Overall the amount of distressed inventory (Bank Owned Homes and Notice of Trustee Sales) is at 307. Down from its near term peak of 317 two weeks ago and down from the long term peak of 422 homes in August of 2010. However while it does appear to be leveling off the amount of the drop is not convincing and the overall numbers could be “basing”. It looks like this could be a case of the “muddles” as looks like they could be a new range of of between 300 to 350 homes but lets see.
The listed inventory is also down for both bank owned and short sale. There does not appear to be new listed inventory coming to the market all except for West Bellevue. In that area there were two new homes. The interesting thing about West Bellevue is that the least expensive bank owned home is $1,549,000 and they top out at almost $5,000,000. This is a switch where before the bank owned inventory was at the lower end. Also in South Bellevue a waterfront came on the market at almost $3,000,000 in Kennydale.
The spreadsheet is here: Bellevue Foreclosure Report 3-12-11