Bank-owned homes for sale on the NWMLS in the Seattle area haven't shown a significant change during the summer of 2009. Since June, there have been just about 200 bank-owned homes listed for sale in Seattle, Bellevue, Kirkland, Redmond, and Shoreline. The numbers for August and the beginning of September have remained very similar.
This doesn't mean that there aren't an increased number of Seattle foreclosures. Most numbers point to more foreclosures this year than last. We're probably just seeing a delay in these properties coming to market. Banks are not well equipped to list and sell homes, and they take much longer than the average home owner to get a property marketed and ready for sale.
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