Forty percent of home sales in King County “distressed sales”

Apr 24, 2012, 5:38 AM | Updated: 7:59 am

Forty percent of home sales in King County are now “distressed sales,” according to a report from Washington Property Solutions.

That means the home sales are short sales, where homes are sold for less than is still owed on the mortgage, or they are bank-owned properties.

Washington Property Solutions reports short sales typically sell for five to ten percent less than conventional sales, and bank-owned properties can sell at an even more significant discount.

The percentage of condominiums sold in distressed sales is even greater. The report says over fifty percent of condominium sales in King County were sold in a distressed state. That’s a greater percentage than the 36 percent of single family homes sold as distressed properties.

According to the report, the greatest concentration of distressed home sales in King County were in areas south of Seattle, in Renton, Burien, Kent, Auburn and Federal Way.

Richard Easton, with Washington Property Solutions, says the situation is even worse for Pierce and Snohomish Counties, where distressed homes make up over 50 percent of the sales.

“When you’re out showing a property as a real estate agent, over half of the properties that you’re showing are going to be in some sort of distressed situation,” says Easton.

In Snohomish County, 51 percent of home sales so far this year have been distressed. In Pierce County, 54 percent of sales were distressed properties.

Just two years ago, distressed homes made up only 26 percent of sales in King County, while the year-to-date total percentage for distressed sales in the area now are at 40 percent.

Local News

fall city...
KIRO 7 News Staff

Two dead after tree crushes car in Fall City

Two people are dead after a tree fell on a car in Fall City on Sunday afternoon, according to Eastside Fire and Rescue.
22 hours ago
Paine Field...
Kathryn Altena

Paine Field recertified as ‘Salmon Safe’ by Oregon based nonprofit

Paine Field was recently recertified as "Salmon Safe" by an Oregon based environmental nonprofit, after first earning the certification in 2019.
22 hours ago
MyNorthwest Staff

UW Medicine study seeks local participants to understand COVID spread

UW Medicine invites Washington state residents up to age 85 to submit a survey about their exposure to COVID during the pandemic as part of a study.
2 days ago
MyNorthwest Staff

Amazon hiring for more than 500 positions at new sort center in Fife

A new Amazon facility in Fife, Washington, that's set to open later this month has starting hiring for more than 500 positions.
2 days ago
Nicole Jennings

Rural Eastern Washington hospitals say no big losses in staffing post-vaccine mandate

Some of the rural Eastern Washington hospitals that were expected to have big losses after the vaccine mandate say things are going well.
2 days ago
Climate Pledge Arena...
Associated Press

Climate Pledge Arena ready to get Kraken for hockey debut

The first event ever inside Climate Pledge Arena — whether it will be considered the official first event or not — was far from a soft opening.
3 days ago

Sponsored Articles


Medicare open enrollment for 2022 starts Oct. 15 and SHIBA can help!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]

How to Have a Stress-Free Real Estate Experience

The real estate industry has adapted and sellers are taking full advantage of new real estate models. One of which is Every Door Real Estate.
IQ Air

How Poor Air Quality Is Affecting Our Future Athletes

You cannot control your child’s breathing environment 100% of the time, but you can make a huge impact.
Swedish Health Services

Special Coverage: National Prostate Cancer Awareness Month

There are a wide variety of treatment options available for men with prostate cancer. The most technologically advanced treatment option in the Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform.
Marysville Police Department

Police Opportunities in a Growing, Supportive Washington Community

Marysville PD is looking for both lateral and entry level officers. Begin or continue your career in law enforcement for a growing, supportive community.

Small, Minority-Owned Businesses in King County and Pierce County Can Now Apply For $10,000 Relief Grants Through Comcast RISE

Businesses in King County and Pierce County can apply beginning on October 1, 2021, at for a chance to receive a $10,000 relief grant.
Forty percent of home sales in King County “distressed sales”