"The deluge of low-priced bank-owned inventory erodes home values, sending more homeowners underwater and into short sale territory," said Richard Eastern, CEO of Washington Property Solutions.
Seattle, WA (PRWEB) April 23, 2012
Short sales and the sale of bank-owned properties rose steadily throughout the Puget Sound area in the first three months of 2012, according to a new short sale report released by Washington Property Solutions, a short sale negotiating firm. In the first quarter of 2012, short sales and the sale of bank-owned properties accounted for 40 percent of all home sales (single family homes and condominiums) in King County. That figure was up from 36 percent in the first quarter of 2011.
▪ 36 percent of all single family homes sold in King County in the first quarter were short sales or bank-owned properties, the same percentage as the first quarter of 2011.
▪ 52 percent of all condominiums sold in King County in the first quarter were short sales or bank-owned properties, up from 38 percent in the first quarter of 2011.
▪ Short sales accounted for 15 percent of all homes sales in King County for the 1st quarter of 2012, including 13 percent of all single family homes and 18 percent of all condominiums.
▪ Bank-owned sales accounted for 25 percent of all home sales in King County in the first quarter of the year, including 23 percent of all single family homes and 33 percent of all condominiums.
▪ In the first three months of 2012, a third of all home sales in Seattle and on the Eastside were short sales or bank-owned properties. Of the two regions, Seattle saw the largest jump in distressed property sales, increasing from 19 percent of all sales in first quarter 2011 to 33 percent in first quarter 2012. The Eastside saw a moderate increase, from 31 percent to 33 percent in the same period.
Washington Property Solutions CEO Richard Eastern expects distressed property sales to continue to rise through 2012, accelerated by an increase in foreclosures that in turn will trigger more short sales.
"A recent agreement between state attorneys general nationwide and major banks is releasing a flood of foreclosed homes on the market," said Eastern. "The deluge of low-priced bank-owned inventory erodes home values, sending more homeowners underwater and into short sale territory."
View full short sale statistics report including short sale and bank-owned property charts.
About Washington Property Solutions
Washington Property Solutions is a short sale negotiating firm based in Bellevue, Washington. Founded in 2003, the company has helped brokers and homeowners successfully negotiate over 700 short sales with a 90% success rate in closing. Washington Property Solutions also consults with homeowners on qualification for the Home Affordable Foreclosure Alternatives(HAFA) process and the Washington State Mortgage Foreclosure Fairness Act(FFA). Washington Property Solutions negotiators are licensed Windermere Real Estate brokers.
For more information, visit http://www.washortsales.com