This information is courtesy of the NWMLS.

*460 went pending in the month of October

If you recall the updates from the past couple of months, we've been tracking "distressed properties" because I believe it is one of the key factors (along with an increase in jobs) in predicting when the real estate market will turn around. According to the stats we have seen in the last three months, the percentage of "distressed properties" has increased from 20% to 25% of active, pending, and sold properties. Real estate activity as a whole has increased the last three months, but home values continue to drop as the percentage of "distressed properties" continues to rise. Once again, it goes back to jobs! In order to keep current home owners from falling into "distressed property" situations, we need jobs. In my experience, the vast majority of "distressed properties" are caused by a loss of income. We need to see people employed, not loan modifications for current home owners or tax incentives for home buyer's, but jobs!

Current interest rates are hovering  around 5.125% with all indications leading to a rate increase in the near future.