Nov
23
Real Estate Foreclosures in Washington
Filed Under Finance
Foreclosures are increasing all over the country. Foreclosed homes in Washington and the surrounding Seattle area have stayed relatively low until just recently. The housing market is quickly beginning to decline like much of the country. As prices fall it could be time to contact your Redmond Real Estate Agent
The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data released Thursday. Many Homeowners find themselves in a position where they cannot continue making their Home Mortgage payments. New foreclosures nearly doubled in Seattle in the third quarter as the worst housing crisis since the Great Depression continued to deepen, the online real estate data company PropertyShark.com reported.
New foreclosures in Seattle rose to 501 from 251, the second biggest gain in the study of four U.S. cities including New York and Miami. Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 percent from a year earlier, said foreclosure listing service RealtyTrac Inc.
Seattle and Washington state as a whole have until recently avoided much of the foreclosure pain that has plagued much of the country
King County saw its foreclosure rate drop sharply in September, according to RealtyTrac, a national foreclosure tracking service. Foreclosures in King County dropped 42 percent from August to September and fell 13 percent from September a year ago. RealtyTrac data shows that nearly one out of every 1,630 homes is in foreclosure in King County Washington.
Accoding to RealtyTrac’s third-quarter statistics, Washington is 26th in the amount of forclosures on the market. Of the 100 top metropolitan areas, Tacoma ranked 40th and Seattle/Bellevue/Everett ranked 77th for Mortgage Home Loan foreclosures during the third quarter.
In Washington state overall, foreclosures dropped 38 percent from August to September and declined 16 percent compared to September 2007. Washington state was recently ranked 34th for foreclosure volume.
