The number of distressed properties is on the rise and in some places, account for more than half of all home sales in the first three months of 2012. According to Washington Property Solutions, a third of all home sales in Seattle and on the Eastside were short sales or bank-owned properties. In Pierce and Snohomish counties the numbers are even higher. 51% of home sales in Snohomish County involved distressed properties. In Pierce County, it’s 54%.
Since Pierce County is my main base of operation, I think the 54% is low. Between bank / government owned homes and short sales, I would put it at closer to 85%. Occupied home inspections are still a rarity and then they are usually specialized or high end. 22 inspections this month, 1 occupied.
At least the short sales are getting done quicker. It used to take 60 days, now they are getting it down to under 30 and with some banks, under 2 weeks.