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Weekly Scorecard 10-4-10

Still trying to get caught up. This one is one week behind but does give an idea of the continuing trends. The closed sales are still high compared to the pending sales but the pending sales seem to be picking up. Probably in a couple of months these numbers will be coming closer together. This is a reversal of the past where the pending sales were almost twice the closed sales but the pending numbers were very unreliable given that a number of them were short sales and eventually fails to close. The most impoartant fact of these numbers is that the pending sales seem much more reliable. Also as noted in the foreclsure report it appears that many more short sales are closing successfully as indicated by the overall falling amount of distressed inventory and the rapidly declining notice of trustee sales.

My antidotal experience I am seeing presently is that some short sales are being processed in less than 60 days. Even those with second mortgages in place.  

The spreadsheet is here: Weekly scorecard 10-4-10

Tags: Bellevue Homes, pending, sold
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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

Tags: Bellevue Homes, Distressd Inventory, Foreclosures, short sales
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Weekly Scorecard 9-27-10

Still getting caught up.  The same trends as the last few weeks continue; pretty good numbers for the clsoed sales but weaker numbers for the pending sales. The big news though is that in West Bellevue we are seeing some big numbers.  Another large water front closed along with two more homes either side of $3,000,000 these were not distressed sales sales. No short sales or banked owned properties. It appears that better properties in good condition that have specialty appeal are strting to move. If someone wants a nice home or special piece of property they are going to have to pay for it. As we have discussed previously a lot of the new construction and other upper end distressed property was cleaned out last year. Now if you have money and want a nice piece of property in many cases buyers are now having to deal with sellers that may be as strong financially as they are.

Here is the spreadsheet: Weekly scorecard 9-27-10

Tags: Bellevue Homes, closed sales, inventory, pending, sold
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Distressed Inventory Report 9-25-10

I keep getting behind on my dates but hopefully will be able to catch up next week. Definetly the two trends that developed in September of peaking inventory and a lot of churning regarding the NTS is continuing.  The 98008 saw five new NTS but an overall drop in the NTS from 52 to 39. This antidotally corresponds to what I am seeing in the office with short sales being processed in a much more timely manner. There was one just done in our office on the Bank of America’s Equator system in less than 45 days. The Equator system seems to be getting much more efficient processing these short sales more like a reverse loan and the numbers appear to reflect that. Also I think the banks are finally dealing with reality and would much rather do a short sale than actually own the home.

A streamlined approval process for short sale has been something I have been advocating for a long time and it appears to be gradually being taking hold in the banking industry. Another sign that the banks seem more willing to short sale is the fact that the number of foreclosures appear to have stopped climbing. East Bellevue is now down to 160 distressed homes compared to a peak of 235 homes in the July 24th report.

The spreadsheet is here: Bellevue Foreclosure Report 9-25-10

Tags: Bellevue Homes, foreclosure, notice of trustee sale, Short Sale
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Weekly Scorecard 9-20-10

Two interesting things this week. The first is that this was the week for large water front sale. One went for about $4,000,000 in Newport Shores and another one went for $5,000,000 on Hunts Point. The one for five million had a small house and is obviously going to be a new home some time in the near future.

The other scary trend this week was the lack of pending sales. South Bellevue only had two sales and the other areas each had one. East Bellevue has always had at least five pending sales. The message here for a seller is it appears there are very few buyers out looking. If you have an offer, even if you don’t like it, you might want to find a way to make it work.

The spreadsheet is here: Weekly scorecard 9-20-10

Tags: Bellevue Homes, East Bellevue Homes, pending sales, sold homes, South Bellevue Bellevue Homes, West Bellevue Homes
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Distressed Inventory Report 9-18-10

The amount of Distressed Inventory appears to be peaking.  At some point time the Distressed Inventory needs to be wrung out of the system. Until the economy picks up it will take a while. What I am seeing is that the low end condominiums are generating a lot of the inventory and the pricing on those really seems to be getting hit. The better priced lower quality inventory in East Bellevue seems to be declining substantially.

The Spreadsheet is here: Bellevue Foreclosure Report 9-18-10

Tags: Bellevue Homes, Foreclosed, notice of trustee sale
Discussion: No Comments