Posted by: The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

5 responses to “Bank-Owned Sales Now Almost Exclusively at the Low End”

  1. Pegasus

    We know that the economic crisis has about the same looking chart. Those that were impacted the most were the lower tiers of wage earners. Makes sense that the impact on housing would be the same.

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  2. Kary L. Krismer

    RE: Pegasus @ 1 – While that is largely true, don’t assume that REO sales mirror houses that are foreclosed. Better houses may be more likely to get bought up at foreclosure, and not appear in the REO data. Also, some banks continue to market properties very poorly, limiting the sales price that they receive.

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  3. Lo Ball Jones

    Well, perhaps the banks are selling them for the realistic, true value of what it takes to sell a home in a reasonable amount of time, rather than the guy who sets a pie-in-the-sky price because he can afford to wait for a day, years from now (or maybe never), when that price magically becomes market rate.

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  4. whatsmyname

    By Lo Ball Jones @ 3:

    Well, perhaps the banks are selling them for the realistic, true value of what it takes to sell a home in a reasonable amount of time, rather than the guy who sets a pie-in-the-sky price because he can afford to wait for a day, years from now (or maybe never), when that price magically becomes market rate.

    Yes. That’s why they are commanding a whopping 9 or 10% of the market.

    http://seattlebubble.com/blog/2012/11/13/non-distressed-median-price-up-6-percent-from-2011/

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  5. softwarengineer

    What’s Missing from This Tier Diagram Chart

    Is another Tier Chart to compare to. Like the number of listed homes in each pricing group. I’m assuming the low price groups will have “sky-scraper” sized tiers and the high priced ones, “dinky mole-hills”, in comparison.

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