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Weekly Scorecard 2-7-11
The inventories remain extremely low and sales are strong. Overall the inventories are the lowest they have been in years. I have speculated the reason for this is the declining amount of distressed inventory. If you view the February stats you will the overall trends point to declining inventopries but pricing remaions flat. The average per sq. ft. prices are remain flat por slightly down. Until these prices rise there will be no incentive for nondistressed sellers to briong propoerty to the market. The question is how long will this squeeze play occur.
The spreadsheet is here: Weekly scorecard 2-7-11
Tags: Bellevue Homes, inventories, pending sales, sold homes
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Distressed Inventory Report 2-5-11
The numbers are finally climbing like they usually do this time of year. The Notice of Trustee (NTS) sales are up this week and appear not to be dropping or moving around like they have in the last few weeks. Compared to last year there were 244 distressed homes at this time of year but this year there are 290 homes. We are down from the peak of last year of 422 homes but startying from the higher base but the rate of increase is somewhat slower. The next four to six weeks I think will give some indications.
The spreadsheet is here: Bellevue Foreclosure Report 2-5-11
Tags: bank owned homes, Bellevue Homes, Foreclsoed Homes, short sales
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Weekly Scorecard 1-31-11
The invetories appeared to have stopped declining but are not going up. This is really out of character for this tome of year no matter what the market. The sales remain brisk but when looking at the individual sales there were a bunch of low end bank homes. One even sold for under $300,000 in West Bellevue. These homes were really in por condition and needed work and would be what I would call “tail-enders”. The next couple of months will be interesting. The bank owned and short sale inventory is declining. There will be some new distressed inventory coming to the market based on what is happening recently in the “Distressed Inventory Report” of 1-29-11 but the sales appear to be absorbing the inventory. The next couple of months will be VERY interesting. Distrssed inventory has been the “tail wagging the dog” in the market. It will be interesting to see if this flips.
The spreadsheet is here: Weekly scorecard 1-31-11
Tags: Bellevue Homes, inventory, pending sales, sold homes
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Distressed Inventory Report 1-29-11
Well it is finally happening the amount of distressed inventory is starting to increase but a slower rate than last year if look at spreadsheet. I thought it would have started ticking up sooner. Wgat you can’t see is what price ranges the distressed inventory is coming from and it is either very high or very low. Hardly any mid-range stuff. The amount of converted condos in Bellevue coming to market is remarkable. There are also some extremely high end homes. Most of the distressed new construction is sold so you won’t be seeing much of that except for a couplf of homes in East Bellevue.
The spreadsheet is here: Bellevue Foreclosure Report 1-29-11
Tags: Bellevue Homes, foreclosed homes, notice of trustee sale, short sales
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Weekly Scorecard 1-24-11
Still no bump up in inventories. Usually this time of year you will see inventories starting to rise and then about a month later sales increase. The increase of inventories has usually started by now. The rate of sales has moderated but both pending and closed sales are at good numbers. As discussed last week it appears that there is a declining amount of distressed sellers forced to bring the inventory to the market and that it appears that prices are not good enough to bring non-distressed sellers to the market.
The spreadsheet is here: Weekly scorecard 1-24-11
Tags: Bellevue Homes, inventory, pending sales, sold homes
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Distressed Inventory Report 1-22-11
The numbers continue to drop. Usually this time of year you will start seeing a rise in the amount of distressed inventory. some areas are seeing the amount of foreclosres increase for the new foreclosures but it is being offset by sales. In addition the Notice of Trustee Sale (NTS) appears to be declining. Again a lot of churning going on here. While there are more NTS coming on the overall numbers are dropping. This aligns with what I am seeing at the street level with the lenders working with short sellers to avoid foreclosure. Initially when this crisis started the lenders were in shell shick and would not process short sales or were adversarial to them and thought they were getting “screwed” and could better handle the properties. Well they found out that was not the case and locally I know of no home that a lender has sold for more as a foreclosure than the opportunity they had as a short sale. I can give you many examples in most cases there is a difference of between 15% to 20% for what a lender could obtain as a short sale versus a payoff. If you calculate that it cost a lender 10% just to touch the home as a foreclosure it means there losses are even more. These great business minds keep showing how smart they are but they will still get a bonus basically due to the largess of the Federal Governement giving them free money and generous loss share provisions provided to acquiring bancks like Chase and Wells.
The spreadsheet is here: Bellevue Foreclosure Report 1-22-11
Tags: Bellevue Homes, foreclosed homes, Naotice of Trustee sale, Short Sale
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