Currently as of Today, Sept 8, 2011 there are 330 resale properties that are “Sale Pending” (under contract) in North Kitsap County. 106 of the 330 are distressed properties (Bank Owned & Short Sales) which is 32.1% of the total. 66/106 are Bank Owned (REO’s) from foreclosure and 40/106 are Short Sales, which are comprising an increasing percentage of the distressed properties being Sold, as lenders appear to increasingly be favoring Short Sales as opposed to going through the foreclosure process.
This continues the relatively consistent trend during the past nearly 2 years, where distressed property sales have comprised between 30 – 39% of the total Sold properties in all of Kitsap County. Starting about 3 or 4 months ago, we started seeing between 30 – 50% of the “Sold” distressed properties being comprised of Short Sales, where previously Short Sales consistently comprised only about 25% of the total number of distressed properties being Sold County-wide.
-Brian Wilson, Broker
John L. Scott Real Estate – Poulsbo