short sales in WA State :: SoundBiteBlog.com

The good folks over at KCM Blog have recently published this graphic which shows the Nationwide State-by-State comparison of the percentage of short sales to overall sales.

Nice to see that Washington State is under the 10% mark. From my perspective as a local real estate broker, it sure seems like the percentage of short sale properties are much higher than that. But I’ll trust RealtyTrac for their accuracy. It would appear that the number of short sales and foreclosures are slowly decreasing in our market. Since our shadow inventory is considerably less than other States, we should hopefully start to see our overall home valuations starting to improve slightly (1% to 2% over the next year).

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood.

E-mail: kitsapagent@gmail.com or call: (360) 440-4758

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Here is a recent graphic created by the good folks at The KCM Blog showing the estimated months supply of Shadow Inventory throughout the United States:

Here is a good working definition of what constitutes ‘Shadow Inventory:’

from Investopedia:

A term that refers to real estate properties that are either in foreclosure and have not yet been sold or homes that owners are delaying putting on the market until prices improve. Shadow inventory can create uncertainty about the best time to sell (for owners) and when a local market can expect full recovery. Also, shadow inventory typically causes reported data on housing inventory to understate the actual number of inventory in the market.

Fortunately for us here in Washington State, as you can see from the graphic, our Shadow Inventory is one of the lowest in the entire US. What this means is that traditional Home Sellers will have less distressed homes (foreclosures and short sales) to compete against, and that home prices should stabilize more quickly than in other areas across the country.

Here are a couple of recent articles that help to further explain the impact that Shadow Inventory has on the current residential housing market:

CNN Money - Shadow Inventory improves but still threatens housing recovery

Time Business – How ‘Shadow Inventory’ is killing the Housing Market

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: distressed properties in WA State, foreclosures in WA State, Kitsap County WA real estate, shadow inventory, short sales in WA State, Silverdale Homes for Sale, washington state real estate