In King County last year 33% of all the property sales were distress sales. Of that total 22% were REO Bank Sales (foreclosed properties).
In this chart (blue=2010, green-2011) we can see that sales of bank owned properties were very strong for 2011.
But the chart tells us even a bigger picture - a majority of the bank owned properties that sold were in the $100K - $200K range.
Another thing this chart tells us, is there are very few foreclosures above $399,000. Above that the the monthly sales numbers are mostly in the single digits.
What you might find interesting is the average home prices for different sales types for residential properties:
Average Sales Price 2011:
- REO/Bank Sales: $231,598
- Short Sale: $333,450
- Regular Sale: $474,383
This indicates that the lower priced housing market has been the most affected by the down turn in our economy.