Distressed properties hit Puget Sound home sales
More than twice as many short sales closed in King County in February 2011 as a year ago, and, likewise, King County’s inventory of bank-owned homes was 80% larger in January 2011 than in January 2010.
Based on recent sales rates, Standard & Poor’s recently estimated that it will take nearly five years to clear all the “shadow inventory” — homes that are in foreclosure, or are about to be — in King, Snohomish and Pierce counties.
Foreclosure effect on sales depends on where you live
In February the percentage of King County single-family home sales fitting the “distressed” category varied widely by area.
Short sales and bank sales in the most affordable areas were higher: 56% of all sales in Southeast King County and 54% in Southwest King County.
However, on the Eastside and in Seattle the picture is different: they represented just 31% of all sales on the Eastside, and just 26% in Seattle. Brokers said distressed-home listings remain rare in some neighborhoods, such as West Bellevue and Mercer Island, and have had little impact on these submarkets.
For more information, go to The Seattle Times, March 4, 2011