Foreclosures in Town?
Posted by CityBlogWA on May 28th, 2007
Can anyone speak to the issue of foreclosures in Bellevue, Washington? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Bellevue?
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THe impact of foreclosures on the residential market has not yet been felt. Not quantifiable in the City of Bellevue as yet. We are beginning to see more of them in surrounding areas of Kirkland, Redmond, Sammamish, Seattle. Most are priced through servicing companies and are very close to the market value of surrounding house. The sales have not effected the list price of regular resale as yet. We did a study of all foreclosures sold in the past 3 year period by one vendor only. The data reflected that that most were at market value and sold for within 1% of the sale price. Hope that helps.