Seattle Foreclosures Stay Low: Bank-Owned Homes

While foreclosures have certainly increased in the greater Seattle real estate market over the past couple of years, REO or bank-owned homes have yet to make up a significant number of homes on the market.

Seattle ForeclosuresSeattle currently has 210 bank-owned homes on the NWMLS for sale. This is out of 4277 total active listings, or about 4.9% of all listings.

Bellevue Foreclosures
On the Eastside, Bellevue has just 32 REO homes listed on the NWMLS, out of 932 total Active listings. At 3.5% of the market, this is again a less-than-significant portion of homes for sale.

There's even a nice waterfront bank-owned home in the Cedar Park neighborhood of NE Seattle, listed for $1.2 million.

We clearly have some REO inventory to shake out this year, but the greater Seattle market is functioning much more like a traditional real estate market for now than a lot of major cities in the U.S.

 

Current Listings:
Seattle Homes For Sale
Seattle Waterfront Homes
Seattle Houseboats and Floating Homes

Sam DeBord is a Realtor and real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro. Source: Individually compiled NWMLS statistics. The Northwest Multiple Listing Service did not compile or publish this information.

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Sam can be contacted at (206) 658-3225 or Sam(at)SeattleHome.com.