The share of single-family home sales in King County that were bank-owned fell to its lowest point in 40 months in August, as just 6.3% of sales were REO.
This number peaked at 22.8% in February of this year and has been plummeting ever since.
Meanwhile, the share of each month’s sales that were short sales continues to hold fairly steady at around 10% of the market.
If the recent increase in foreclosure notices translates into an increase in actual bank repossessions, we’ll probably see this number creep back up again. Since much of this year’s surge in the median price was due to the steep decline in sales of bank-owned homes, now that we’re at such a low level I doubt we’ll be seeing many more strong median price increases for a while.
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That is interesting… they much be sitting on a ton still though, right?
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RE: toad37 @ 1 – If you think so, find it. I don’t think they are, assuming you exclude properties where they take over a year to foreclose.
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The short sale data would be more interesting as raw numbers. The raw numbers increased the past two months to what was probably a record. The question is whether that increase is due to:
1. Banks putting more resources into processing short sales.
2. Banks getting better offers due to the buyer frenzy.
3. Banks seeing it as a way to give part of the $25 Billion away that’s part of the National Mortgage Settlement, without actually losing any money.
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RE: toad37 @ 1 –
This is the Wrong Website to be Asking That Question
When we use data that could omit ‘em, we reference the data base, even if its masking them IMO. Identity fraud of duplication of our SSNs in the workplace is the same sort of organised crime conundrum….the banks, SSA and even the three Credit Agencies know its rampant, but TOTALLY mask its existance from us.
Go to Dr Housing Bubble if you want to discuss Shadow Inventory, more open minds to data masking there.
http://www.doctorhousingbubble.com/shadow-inventory-second-wave-foreclosure-defaults-short-sales-hidden-benefits-stimulus-of-not-paying-mortgage/
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Banks still holding homes off the market. I know of a few in magnolia, one nearby that they decided to rent out 2 years after the nod. It is not over yet that’s for sure.
Cheers!
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Bank Owned Properties
Bellevue For Sale 4 (2 condos, 2 houses), Sold YTD 107
Kirkland For Sale 10 (4 condos, 6 houses), Sold YTD 129
Redmond For Sale 11 ( 4 condos, 7 houses) Sold YTD 86
Bellevue numbers look exceptionally low at the moment.
(required disclosure: Above stats are not compiled, verified or published by The Northwest Multiple Listing Service.)
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RE: ARDELL @ 6 –
It confuses me when I get a thumbs down on a comment that merely has some statistical data relating the post topic to some pure evidence. What’s not to like about that? I was looking at that data up for a completely different reason for one of my clients, but since I had it sitting here on my desk I thought it might be of interest to someone.
Seriously asking. How can someone thumbs down “numbers”?
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RE: ARDELL @ 7 –
Odd…now my comment is going to moderation. I guess evidences are not appreciated.
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RE: ARDELL @ 8 – How about instead of jumping to paranoid conclusions you consider the fact that maybe there’s a technical glitch? For some reason nearly every morning between 7AM and 9AM everyone’s comments go into moderation, requiring me to manually approve every single one.
Sorry I didn’t get to yours the instant you posted it.
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RE: The Tim @ 9 – RE: ARDELL @ 7 – As to Ardell’s first comment, some people don’t like what the facts are.
As to Tim’s comments, the moderation starts earlier than 7:00 a.m. I’m often up by 5:30, and this is the 15th place I go to each morning on the Internet (the others being mainly news sites). I’d just assumed it started around midnight.
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