Seattle Real Estate: Foreclosures are about to Flood Las Vegas…Is Seattle Next?
I wrote an article on Feburary 19th regarding the Seattle Real Estate Market and what it may look like after the Tax Credit expires and the Governments call to end their purchase of Mortgage Backed Securities at the end of this Month which is a certain recipe for an increase in Interest rates. I also spoke of a “Shadow or Phantom Inventory” of Foreclosed homes that banks have yet to put on the market. I recently ran across a Tweet from @timandjulie a day or so ago and Tim and Julie Harris posted this article highlighting a report that Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month, an executive with the bank said Wednesday. It’s part of the so-called “phantom inventory” of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure. Certainly these numbers reflect Las Vegas’ market and in no way are a basis for comparison to our Real Estate market in Seattle. However, I submit to you this, if just a few of these bank owned and foreclosed homes “pop up” in your neighborhood…what do you think that will do to your property value?
My guess is Las Vegas is not the only City that will be experiencing this “Phantom Inventory” being held by banks and I’m afraid what happens in Vegas will NOT stay in Vegas. Please re-post, re-tweet, share or e-mail this blog to as many folks as you know.
(Scary Phantom Photo Courtesy of Rebecca L. Daily)
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March 18th, 2010 at 9:14 am
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March 22nd, 2010 at 1:44 pm
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