Foreclosures in Town?
Posted by CityBlogWA on May 28th, 2007
Can anyone speak to the issue of foreclosures in Seattle, Washington? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Seattle?
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Seattle and surrounding areas most definitely been affected by a substancial rise in foreclosures. However, we are about half of the national average and ranked 47th in delinquencies and 49th in foreclosure activity per the Mortgage Bankers Association. So is there an impact on local real estate? Absolutely. And it’s not all good. Tighter credit standards and surplus housing inventory, however, tend to have more of an adverse affect on real estate price points and RE turns. Hope this helps!
- Joby Gram, Elite Capital, LLC
Lender to Jennifer Nelson of Coldwell Banker Bain