Summer Brings Sales - In Foreclosures X

Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Summer Brings Sales - In Foreclosures X


As summer continues warm, we find that the foreclosure sales in Pierce County are dropping a bit at this time.  There were twenty-one (21) foreclosure sales found last week in Gavelthe Tacoma newspaper (TNT),  but there were only sixteen (16) found this week.

It looks very much like there is a bulge hitting which may then taper off as fall gets here. Though I keep seeing, and hearing about how many foreclosures still hanging on the books out here (and really popping out of the woodwork in some other areas of the country), it would seem the banks here are taking advantage of good summer weather and tight listings count to try to get more money from their foreclosures.

Like last week which was split over four dates this weekalso had four dates. Next week had the next most with 9 (over half of the total.) The other four were split as follows: two weeks out on Sept 6th - two sales, four weeks out on Sept. 20 there are three, which left the other two for five weeks out, on Sept. 27.  As is normal, these sales will take place on the 2nd floor plaza of the County-City building at 10 am.


As already noted the numbers may not stay high far into the fall, before they start dropping off to a much lower level (thinking in range of 3-5 week). Which may hit sooner than I thought, based on the 4-5 week notices this time around.




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Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
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Comments (9)

Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good job with the foreclosures that are gain in your area. There are plenty of them going on in my are as well. Lots of opportunities for some prospective home buyers.

make it a great week!

Aug 26, 2013 08:24 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Joe - thanks for stopping by.   They are a great opportunity - if you have the cash to front the purchase.  Not sure how close to price these are selling for, I should probably check that out one of these days.

Aug 27, 2013 03:38 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Steven,  I strongly believe that banks are holding inventory and cashing in on the high/er ends of the market. The numbers are down in my area, as are short sales, yet we see month over month a few more trickle in to the market. 

Aug 27, 2013 12:48 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Kathleen -- I have not checked what the values have been on these sales, so don't know if they are trying to clear the higher balance, but my instinct would be that they would be trying to clear the ones they think are near the value they need out of them, and hold the ones that are severely underwater for after more appreciation shows up.

Aug 28, 2013 02:47 AM
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Steven - what you say in your comment above makes perfect sense ..... it also makes sense to hang on to them in a rapidly escalating market ..... hopefully they won't all dump them on the market at the same time or you could see a rapid decline again.

Aug 29, 2013 05:29 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Kathy -- that is one of the  things that could create another big problem for the recovery, and real estate in particular.

Aug 29, 2013 05:35 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

I just wish the banks here in NJ would put their homes up for sale!

Aug 29, 2013 08:14 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

We are seeing more and more bank owned coming on the market again down here.

Aug 29, 2013 09:57 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Laura -- it would be nice if we even knew how many they had in the area!

Barbara-Jo -- since your area was one of the earliest areas hit, it is good to know they are starting to get that cleaned up.

Aug 30, 2013 04:10 AM

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