Posted by: Timothy Ellis (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.

6 responses to “Foreclosures Mixed in October”

  1. mike

    Here’s an anecdotal story from my neighborhood. I have no idea how widespread this is but it has me scratching my head as to what happened.

    House down the block has been in foreclosure for about a year with the first NTS issued late last summer. First lien was a hair under $400K, with a second lien of unknown size. The missed payments and fees listed on the NTS were in the $50K range. The house is valued somewhere in the $500K-$600K range based on recent comps, Zillow says $610K.

    The owner somehow negotiated to have a friend buy the house as a primary residence, then lease it back from the friend. The kicker was the purchase price, which was exactly the amount of the outstanding first mortgage! To show how ridiculous that price is, another house down the block recently sold for the same amount and was promptly torn down to make way for a luxury home. On the surface, it looks like the friend got an amazing WAY below market price on the house and the bank and second lien holder left $100K+ on the table.


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  2. joe smith

    The headline says “October” then the first line says the stats are for “July” then the line above the actual stats says “September”

    Say you will, say you won’t / make up your mind to night

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    Did a quick count in King County and looks like 7% of single family homes for sale are bank owned and 14% of condos for sale are bank owned as of today.

    79% of the houses for sale that are bank owned are South of I-90. 58% of the houses for sale in total are South of I-90. So a disproportionate weighting of that 7% is South vs North.

    (required disclosure: Stats in this comment are not compiled, verified or published by The Northwest Multiple Listing Service.)

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  4. Scotsman

    South of I-90 …… the ghetto of Bellevue. Plus those other places we won’t mention. In the spirit of “one man’s ceiling is another man’s floor” how many folks south of hwy 18 thought they had hit the jackpot when they finally moved and bought in Kent/Covington, only to default? The numbers don’t surprise me- that’s where the last affordable homes in KC were to be found during the boom years. Now that the easy money is gone it’s back to drugs, hookers, and horses. Who would have thought rural Kent/Auburn would become the next airport strip?

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  5. Council considers using eminent domain, land bank to bail out underwater mortgages | CHS Capitol Hill Seattle

    […] Seattle Bubble’s most recent analysis of area foreclosure trends (based on trustee sales notic… […]

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