Short sales in Pierce County were up 77 percent in the first quarter, compared to short sales recorded in the first quarter last year.
In its quarterly report, Bellevue-based Washington Property Solutions, a short-sale negotiating firm, reported that along with the jump in short sales, the number of bank-owned property sales fell 40 percent during the same period.
A bank-owned sale typically concerns a property that has been foreclosed by, and is owned by, a bank. A short sale concerns the sale of a home for less than the balance remaining on a mortgage.
“Very tight inventory is affecting the distressed property market in much the same way as it is influencing the housing market overall. While multiple offers on a short sale were unusual a year ago, they are now the norm,” said Richard Eastern, CEO of Washington Property Solutions, in a release Monday.
Short sales accounted for 19 percent of all closed sales in Pierce County, as compared to 13 percent a year ago, WPS said.
Short sales and the sales of bank-owned properties combined accounted for 40 percent of all Pierce County home sales in the first quarter of 2013, 39 percent of all Snohomish County sales, 29 percent of all Kitsap County sales, and 26 percent of all King County sales.