SEATTLE, Wash. (PRWEB) July 30, 2012
Short sales were up and the sale of bank-owned properties were down in King County, WA in the second quarter of 2012, according to a new short sale statistics report released by Washington Property Solutions, a short sale negotiating firm.
Total distressed property sales - short sales and bank-owned property sales - accounted for 28 percent of all home sales (single family homes and condominiums) in King County. That figure was down from 40 percent of all home sales in the first quarter of 2012, and down from 34 percent of all home sales a year ago.
▪ Short sales in King County increased year over year from 11 percent of all sales in the second quarter of 2011 to 13 percent in the second quarter of 2012.
▪ Bank-owned sales fell from 23 percent of all home sales in King County in the second quarter of 2011 to 15 percent of all sales in the second quarter of 2012.
▪ 25 percent of all single family homes sold in King County in the second quarter were short sales or bank-owned property sales, down from 32 percent in the second quarter of 2011.
▪ 37 percent of all condominiums sold in King County in the second quarter of this year were short sales or bank-owned property sales, down from 40 percent in the second quarter of 2011.
▪ Seattle saw distressed property sales fall from 30 percent of all sales in the second quarter of 2011 to 21 percent in the second quarter of 2012. The Eastside saw less of a decline, from 26 percent to 21 percent in the same period.
Washington Property Solutions CEO Richard Eastern expects short sales to continue to rise through 2012.
"Banks are more predisposed to short sales and the numbers are showing that, " said Eastern. "Lenders have realized that their portfolios of distressed properties are overflowing because of the volume of foreclosures they've completed. They are doing everything they can to encourage homeowners to do a short sale."
According to Eastern, that has included an increase in full satisfaction of both first and second mortgages, faster closing times, and recent programs by Bank of America and Chase that pay significant cash incentives to encourage sellers to do a short sale and avoid foreclosure.
While sales of bank-owned properties were down in the second quarter of the year, Eastern does not believe that trend will continue. Even though lenders are reaching out to try and do loan modifications and encourage short sales, the number of foreclosure filings in the Puget Sound area spiked in June, setting the stage for an new influx of bank-owned properties into the market.
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 800 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 washortsales.com