Tuesday, January 26, 2010

Bank Foreclosures Absorbed Into Market Sales - No Excess Inventory

Current statistics show that for the last 6 months of 2009, most bank foreclosed properties that came on the market were sold through the Northwest Multiple Listing Service.

The Snohomish County Treasurer reported 1,155 foreclosures and the Northwest Multiple Listing Service showed 920 bank properties sold in the same period of time. Adjusting for the few that are sold through auction, left us a total of only 185 unsold for the end of the year.

The numbers show that approximately 153 bank owned properties were sold per month on average leaving slightly more than one month of standing inventory of bank owned properties.

Average days on market for residential properties was 57 and they sold for 98.6% of asking price. Current statisics show that for the last 6 months of 2009, most bank foreclosed properties that came on the market were sold through the Northwest Multiple Listing Service.

The Snohomish County Treasurer reported 1, 155 foreclosures and the Northwest Multiple Listing Service showed 920 bank properties sold in the same period of time. Adjusting for the few that are sold through auction, left us a total of only 185 unsold for the end of the year.

The numbers show that approximately 153 bank owned properties were sold per month on average leaving slightly more than one month of standing inventory of bank owned properties.

Average days on market for residential properties was 57 and the and they sold for 98.6% of asking price.

Bank Foreclosures Absorbed Into Market Sales - No Excess Inventory


Current statisics show that for the last 6 months of 2009, most bank foreclosed properties that came on the market were sold through the Northwest Multiple Listing Service.


The Snohomish County Treasurer reported 1, 155 foreclosures and the Northwest Multiple Listing Service showed 920 bank properties sold in the same period of time. Adjusting for the few that are sold through auction, left us a total of only 185 unsold for the end of the year.


The numbers show that approximately 153 bank owned properties were sold per month on average leaving slightly more than one month of standing inventory of bank owned properties.

Average days on market for residential properties was 57 and the and they sold for 98.6% of asking price.

Monday, January 25, 2010

Snohomish County Foreclosure Rates For 2009



The foreclosure rates for Snohomish County dropped off during the holidays to their lowest levels of the year. However, Notice of Defaults remain steady at around the 400 mark. This tells us that about 25% of the homes that are delinquent on their mortgage turn in to actual foreclosures.

Many distressed homeowners are either applying for home loan modifications through the Making Home Affordable plan put in place by President Obama or are attempting to sell their homes before a foreclosure takes place through a "short sale". A short sale is a transaction where the home sells for less than what is owned on the mortgage.

Friday, January 1, 2010