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 …