*307 went pending in the month of November

We're on our fourth month of tracking the percentage of "distressed home" sales - short sales/bank owned properties - in Snohomish county according the NWMLS stats. Throughout November, we saw the number of current listings drop, while the percentage of "distressed listings" rose 4.5% from 22% last month. Pending sales decreased, but the percentage of pending "distressed homes" was up 5.5% from 26% last month. Homes sold increased, but the percentage of "distressed home" sold was down 2% to 27% this month.

In summary, we are still seeing about 25% of the residental real estate transactions in Snohomish county involve distressed homes.  Until this percentage changes we will not likely see any recovery in real estate or our local economy.  With unemployment  at 10.2% nation wide, foreclosure filings at record levels (7 million), it's hard to be optomistic about recovery. However, even in this market there are still great opportunities to buy real estate. With interest rates incredibly low, homes more affordable than ever (prices at June 2005 levels!), and a continuation of the home buyer tax credit, this market is ripe for great deals!

Current interest rates are hovering  around 5.050% with all indications leading to a rate increase in the near future.