Distressed Inventory Report 4-2-11

By George Thurtle

Well the trend of the amount of distressed inventory appearing to be peaking was broken this weak.¬†¬†This week the amount of distressed inventory jumped 15 homes from ¬†311 to 326. However the most notable feature is that there were not many new foreclosed homes but a ton of homes that went Notice of Trustee Sale (NTS).¬† If there was not the present higher sales volumes these numbers would be a lot higher.¬† As an example in zip code 98004 there were 8 new NTS homes but the overall inventory went from 42 to 43. This means a lot of these homes are selling having¬†or having their loans modified and I don’t see much of that happening. The other alternative¬†for the NTS homes to be taken off of the list is foreclosure but those numbers do not appear to be spiking like the NTS numbers although it can take up to two weeks to record the Trustee’s Deed after a foreclosure. The other alternative is that more of these homes are being picked up at foreclosure.¬†The Altos graphs show a small bump in median prices and I suspect we will see that bump level out or cycle on a bottom¬†if the amount of the distressed inventory continues.

The spreadsheedt is here: Bellevue Foreclosure Report 4-2-11

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