Short Sale Statistics Reports

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WASHINGTON PROPERTY SOLUTIONS
SHORT SALE STATISTICS REPORT
1ST QTR 2013

The number of short sales in King, Pierce, Snohomish and Kitsap counties rose dramatically in the first quarter of 2013 as compared to the first quarter of 2012, according to the Washington Property Solutions 2013 1st Quarter Short Sale Statistics Report.

The number of bank-owned residential property sales posted a steep decline over the same period. Quarter-to-quarter comparisons show a different picture for REO sales. Reversing a year long trend, bank-owned sales represented a greater percentage of overall sales in all four counties in the first quarter of 2013 as compared to the previous quarter.

Very tight inventory is affecting the distressed property market in much the same way as it is influencing the housing market overall. While multiple offers on a short sale were unusual a year ago, they are now the norm, according Richard Eastern, CEO of Washington Property Solutions. Eastern recently sold a short sale property that received 12 offers and sold for $50,000 over the asking price.

Eastern says that homeowners who are underwater need to make a decision more quickly than in the past. That urgency is driven in part by a greatly accelerated timeline on the part of lenders to initiate foreclosure proceedings.

“While you still hear of people who defaulted on their mortgage two years ago and continue to live in their home, I recently spoke to a homeowner who received a Notice of Default from his lender, and he was just 30 days late on his mortgage payments,” said Eastern. “Banks are definitely moving much faster with their foreclosure process.”

Overviews by county follow the graphs below.

 

KING COUNTY OVERVIEW

• The number of closed short sales (single family homes and condominiums) in King County rose 32 percent in the first quarter of 2013 as compared to the first quarter of 2012. Short sales accounted for 16 percent of all closed sales, as compared to 15 percent a year ago.

• The number of closed bank-owned property sales (single family homes and condominiums) in King County fell 52 percent in the first quarter of 2013 as compared to the first quarter of 2012. Bank-owned sales accounted for 10 percent of all closed sales, as compared to 25 percent a year ago.

• Short sales and the sales of bank-owned properties combined accounted for 40 percent of all Pierce County home sales in the first quarter of 2013, 39 percent of all Snohomish County sales, 29 percent of all Kitsap County sales, and 26 percent of all King County sales.

SNOHOMISH COUNTY OVERVIEW

• The number of closed short sales (single family homes and condominiums) in Snohomish County rose 56 percent in the first quarter of 2013 as compared to the first quarter of 2012. Short sales accounted for 22 percent of all closed sales, as compared to 16 percent a year ago.

• The number of closed bank-owned property sales (single family homes and condominiums) in Snohomish County fell 48 percent in the first quarter of 2013 as compared to the first quarter of 2012. Bank-owned sales accounted for 17 percent of all closed sales, as compared to 35 percent a year ago.

• Short sales and the sales of bank-owned properties combined accounted for 40 percent of all Pierce County home sales in the first quarter of 2013, 39 percent of all Snohomish County sales, 29 percent of all Kitsap County sales, and 26 percent of all King County sales.

PIERCE COUNTY OVERVIEW

• The number of closed short sales (single family homes and condominiums) in Pierce County rose 77 percent in the first quarter of 2013 as compared to the first quarter of 2012. Short sales accounted for 19 percent of all closed sales, as compared to 13 percent a year ago.

• The number of closed bank-owned property sales (single family homes and condominiums) in Pierce County fell 40 percent in the first quarter of 2013 as compared to the first quarter of 2012. Bank-owned sales accounted for 21 percent of all closed sales, as compared to 41 percent a year ago.

• Short sales and the sales of bank-owned properties combined accounted for 40 percent of all Pierce County home sales in the first quarter of 2013, 39 percent of all Snohomish County sales, 29 percent of all Kitsap County sales, and 26 percent of all King County sales.

For information about distressed property statistics, contact Richard Eastern at (206) 612-5541 or reastern@washortsales.com.

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 900 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.

Washington Property Solutions
Windermere Real Estate /East Inc.
11100 Main Street, Suite 200, Bellevue, WA 98004
Local: 425-381-2233
Toll-Free: 866-732-9725
Email: info@washortsales.com