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Tacoma Bank Owned Homes for Sale Not Selling Enough Units

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By : John Cutts    99 or more times read
Tacoma bank owned homes for sale remain at high levels, with very few of these listed foreclosures ending up sold, according to the latest housing market reports. Certain counties in Tacoma are reportedly doing very poorly in terms of selling foreclosed properties that any chance of a recovery is being hindered by these huge foreclosure inventories.

The problem of bank owned homes in Washington remaining unsold is common in almost all local areas of the state. In Pierce County, July statistics showed that a total of 6,467 condo units and residential properties were available for sale, but only 686 sales were completed during the same month. The prices of homes have also declined considerably since three years ago, with the median price at $277,250 in June 2007, which ended up at $219,970 in July of the current year.

However, economists have stated that more than the number of bank owned house foreclosures, what worry them the most is the average income of households in the state. Statistics showed that average income by household has declined by 11% since 2006, when average income was at $57,905. This is projected to be at $51,479 by the end of 2009.

Real estate market analysts have stated that with that kind of average income, it is no wonder that most area residents are unable to buy Tacoma bank owned homes for sale. They are also predicting that residential property prices will continue to decline in the coming months, primarily because of the presence of shadow inventories, or those properties that are already ready to be sold but are being put on hold by their owners.

Local real estate analysts have stated that the economy of the state will continue to suffer as prices of properties continue to decline and income decreases further. They also cited the poor condition of the commercial real estate of some local areas of Washington, primarily Pierce County.

Analysts have predicted that the commercial property market will continue to perform poorly and might even record higher foreclosure rates by next year. They also expect the number of Tacoma bank owned homes for sale to continue to rise, with fewer interests from buyers or investors for the rest of 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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