Leavenworth Real Estate

2010 Leavenworth Foreclosure Report

Foreclosures and short sales have been all over the news in 2010 and they certainly have had an effect in Leavenworth.

Some recent reports claim that as many as 47.5% of all sales nationwide are of distressed properties.

Since we get so many interested parties asking about foreclosures (about 70 people are currently on our Leavenworth Foreclosure email list) , we thought we would write a summary report of the activity here in Leavenworth.

In 2010 a total of 14 REO properties were on the market in Leavenworth. REO (real estate owned) property is property owned by a lender after it has been foreclosed upon.

10 of these properties sold, 2 are currently under contract, and 2 expired and did not sell.

Short sales are properties that the seller does not have enough equity to pay their lender with the proceeds from the sale and asks for the difference to be forgiven.  Short sales are poorly tracked by our MLS system so the data here may be a little incomplete.

As you can see in the following chart, distressed properties represent a small portion of all the real estate sold in Leavenworth in 2010. Distressed properties do make up a larger portion of the lower end of our market, but are nearly absent in the upper price ranges.

Some other trends we saw in 2010.

• 3 of the 12 REO (foreclosed) properties were located in the Chiwawa River Pines neighborhood.
• Most of the short sales were condos in the Cascade Crest building.

We here at IcicleCreekHomes.com were fairly active in the distressed property market. We represented 2 successful REO buyers and represented the sellers for the 3 Cascade Crest condos. We also wrote offers on behalf of buyers for two other buyers who were not successful in their bids.