Distressed Sales Bump Up Again in February

Let’s take another look at what share of the monthly sales are being distressed sales—bank-owned and short sales. In February 2012 22.8% of the sale of single-family homes in King County were bank-owned, the highest level on record. In February 2013 that number was just 9.5%.

Bank-Owned: Share of Total Sales - King County Single-Family

This represents a slight increase from January, but if 2013 follows the same pattern as the last couple of years, February will likely be the high point for the year.

Short sales actually decreased a bit in February, falling from 13.7% in January to 12.3% in February (also down from 13.2% in February 2012).

Short Sales: Share of Total Sales - King County Single-Family

On Friday we’ll take a look at how the median prices are moving for bank-owned homes, short sales, and non-distressed sales.

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About 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. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

3 comments:

  1. 1

    OK All You Price Bottom Bull Market Callers

    The banks weren’t holding inventory back at all, they’re perfect little Bull Market angels….LOL

  2. 2
    Blurtman says:

    RE: softwarengineer @ 1 – Let the free market economy soar!

    http://www.youtube.com/watch?v=woLQI8X2R6Y

  3. 3

    […] month at a nearly 20% year-over-year gain. Remember that this large of a jump is mostly due to a decrease in distressed sales (short sales, bank-owned) and a geographic shift toward the more expensive parts of the […]

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