SEATTLE, Wash. (PRWEB) July 30, 2012
Quick sales have been up and the sale of bank-owned properties have been down in King County, WA in the second quarter of 2012, according to a new quick sale statistics report released by Washington Home Options, a short sale negotiating firm.

Total distressed house sales – short sales and bank-owned house sales – accounted for 28 percent of all property sales (single loved ones residences and condominiums) in King County. That figure was down from 40 % of all property sales in the initial quarter of 2012, and down from 34 % of all property sales a year ago.

Short sales in King County improved year more than year from 11 % of all sales in the second quarter of 2011 to 13 % in the second quarter of 2012.

Bank-owned sales fell from 23 percent of all home sales in King County in the second quarter of 2011 to 15 percent of all sales in the second quarter of 2012.

25 % of all single family houses sold in King County in the second quarter were short sales or bank-owned home sales, down from 32 % in the second quarter of 2011.

37 percent of all condominiums sold in King County in the second quarter of this year were brief sales or bank-owned house sales, down from 40 % in the second quarter of 2011.

Seattle saw distressed property sales fall from 30 % of all sales in the second quarter of 2011 to 21 percent in the second quarter of 2012. The Eastside saw significantly less of a decline, from 26 percent to 21 % in the identical period.

Washington Home Options CEO Richard Eastern expects short sales to continue to rise by means of 2012.

“Banks are far more predisposed to brief sales and the numbers are displaying that, ” said Eastern. “Lenders have realized that their portfolios of distressed properties are overflowing simply because of the volume of foreclosures they’ve completed. They are doing every little thing they can to encourage property owners to do a short sale.”

According to Eastern, that has included an enhance in full satisfaction of both initial and second mortgages, faster closing instances, and current programs by Bank of America and Chase that pay significant money incentives to encourage sellers to do a short sale and avoid foreclosure.

Even though sales of bank-owned properties have been down in the second quarter of the year, Eastern does not think that trend will continue. Even although lenders are reaching out to attempt and do loan modifications and encourage brief sales, the quantity of foreclosure filings in the Puget Sound region spiked in June, setting the stage for an new influx of bank-owned properties into the market place.

View complete brief sale statistics report, including further quick sale and bank-owned house charts. http://www.washortsales.com/Statistics_Web page.html

About Washington Property Solutions
Washington House Solutions is a quick sale negotiating firm based in Bellevue, Washington. Founded in 2003, the firm has helped brokers and property owners effectively negotiate over 800 quick sales with a 90% accomplishment rate in closing. Washington Property Options also consults with property owners on qualification for the Residence Cost-effective Foreclosure Alternatives (HAFA) procedure and the Washington State Mortgage Foreclosure Fairness Act (FFA). Washington Home Options negotiators are licensed Windermere Genuine Estate brokers.

For far more data, pay a visit to washortsales.com