Short sales?

[StevePDX]

Does anyone have any statistics, anecdotes, or other information about the extent of short sales in the Seattle area? (The same about the Portland area would be a bonus). Also, any thoughts about whether short sales are or will actually be a factor in the near future?

[sniglet]

[S-Crow]

Yes, short sales are occuring. Just about none in 2004-5, a few here and there showing up 3rd-4th qtr 2006 and several ytd 2007. Recently, we even had a buyer bring more money to the table because the seller, even with concessions from lender, could not close. Buyer had to or home was to be sold via foreclosure very soon.

In Snohomish Co. it is interesting to see play out because this is occuring with an arguably solid employment base locally (high tech, Navy & suppliers, healthcare, Boeing & suppliers etc) and awfully good interest rates for mortgages. That being said, our market is showing more signs of cooling: increasing inventory outpacing sales (aborption rate), longer sale intervals, lower sales volume with month-over-month deacrease in median closed sale price for combined residential & condo's in Snohomish county (March at $359K and April at $349K)---something not reported publicly or in the local news papers. They seem fixated on the benefits of reporting the 12% YOY median price gains, not untrue, but not the complete picture.

S-Crow