Seattle foreclosure rate drops

The rate of foreclosures in the Seattle area has remained low -- approximately 1% -- during the past year, despite the bleak outlook in most other parts of the country. The following news blurb reports that the rate has dropped even further!

"Default Research, the premier provider of foreclosure real estate data in the Seattle region, is reporting that foreclosures in King, Pierce and Snohomish counties declined by five percent in March of 2008. The total number of Notice of Trustee Sales recorded in March totaled 379 in King, 380 in Pierce and 215 in Snohomish. Only .70 percent of total household in these regions had foreclosure activity.

“The outlook for Seattle is relatively good,” said Serdar Bankaci, founder of Default Research. “Home prices have remained stable in the past month and inventories are continuing to climb. With the recent jumbo loan limit changes this should have a positive impact on the economy.”

According to Bankaci, in some regions of the Default Research coverage area, nearly 10 percent of all homes entered into foreclosure. “Seattle continues to be one of the safest real estate markets in the country,” said Bankaci."

Nevertheless, if you, or someone you know is facing the threat of foreclosure, give me a call and I can refer you to free consumer counseling services that may be able to help.