Full disclosure: The Tim is employed by Redfin.
We’ve been digging into a lot of different data at Redfin lately, and I found this particular set to be quite interesting. What I’ve done here is take all the bank-owned (REO) sales over 2011 and group them by the bank that was selling the home. The table below shows the 20 banks that unloaded the most REO inventory around Seattle in 2011.
In total there were 11,910 REO sales across King, Snohomish, and Pierce Counties in 2011. 2,199 of those (18.5%) were sold by Fannie Mae, with an additional 629 (5.3%) sold by Freddie Mac. When you include HUD and the Veterans Administration, the total share of Seattle-area REOs sold by federal government agencies hits 28%.
Here are a few overall stats to give the numbers in the table some more context. “StO” is the ratio of the sale price to the original list price, while “StL” is the ratio of sale price to the final list price. For “Days on Market” I’m counting the number of days between when the listing originally hit the market and when it went pending. The numbers in those three columns in the table are the average for all the sales by the respective bank in 2011.
Bank-Owned: 11,910 sales, 90.9% StO, 97.6% StL, 65 Days on Market.
Short Sales: 4,461 sales, 87.0% StO, 98.0% StL, 129 Days on Market.
Non-Distressed: 23,715 sales, 93.8% StO, 97.1% StL, 81 Days on Market.
Click on any column header to sort by that column.
| Bank | 2011 Sales | Sale-to-Orig. | Sale-to-List | Days on Market |
|---|---|---|---|---|
| Fannie Mae | 2,199 | 91.4% | 96.8% | 54 |
| US Bank | 629 | 89.5% | 97.7% | 66 |
| Freddie Mac | 626 | 92.0% | 99.2% | 63 |
| Deutsche Bank | 583 | 88.9% | 96.9% | 66 |
| Wells Fargo | 485 | 91.4% | 98.8% | 69 |
| Aurora Loan Services | 383 | 94.6% | 99.4% | 51 |
| US Dept. of Housing & Urban Development | 354 | 89.7% | 99.5% | 63 |
| HSBC Bank | 323 | 89.4% | 97.9% | 70 |
| Bank of New York Mellon | 214 | 90.2% | 96.8% | 57 |
| Bank of America | 198 | 90.2% | 96.5% | 64 |
| Dept. of Veterans Affairs | 158 | 92.4% | 97.0% | 64 |
| Citibank | 144 | 93.7% | 97.6% | 58 |
| Sterling Savings | 132 | 91.5% | 94.5% | 45 |
| Washington Federal | 124 | 93.8% | 97.3% | 75 |
| Boeing Employees Credit Union | 104 | 92.7% | 96.2% | 72 |
| GMAC Financial Services | 92 | 93.2% | 98.8% | 54 |
| JP Morgan Chase | 83 | 93.3% | 99.6% | 62 |
| First Savings Bank Northwest | 78 | 95.2% | 97.0% | 96 |
| Union Bank | 71 | 89.6% | 95.1% | 110 |
| Homestreet Bank | 70 | 93.3% | 97.7% | 82 |
And now for the awards…
Most Realistic Original Pricing: First Savings Bank Northwest – 95.2% Sale to Original
Least Realistic Original Pricing: Deutsche Bank – 88.9% Sale to Original
Most Willing to Negotiate: Sterling Savings – 94.5% Sale to List
Least Willing to Negotiate: JP Morgan Chase – 99.6% Sale to List
Quickest to Sell: Sterling Savings – 45 Days on Market
Slowest to Sell: Union Bank – 110 Days on Market
Some of those stats (especially the first two) seem like they might be useful to a potential buyer if they’re considering making an offer on a bank-owned home. If you want to figure out which bank owns a home you’re interested in, I recommend these posts: How-To: Navigate and Understand Public Records and Guided Tour: King County’s New Online Property Records.