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Record Foreclosure Rates - The true picture

According to national media reporting, the average national foreclosure start rate is at record levels. This is blamed mostly on irresponsible sub-prime mortgage lending practices. A detailed picture shows that in most of the states the foreclosure start rates have actually declined.

According to the Mortgage Bankers Association the extreme conditions in four states severely skew the national average. These state are: California, Nevada, Arizona and Florida. Home prices in these states have dropped significantly and inventory is at an all time high.

This situation leaves home sellers anxious to sell at any price and home buyers uncertain whether to wait until prices drop further.

This illustrates that looking at an average national scenario is not always helpful in determining local market conditions. So what is the picture for Washington state?

According to the newly released national mortgage delinquency report by the Mortgage Bankers Association, Washington state ranks 47th nationally in delinquencies and 49th nationally in foreclosures.
This superior ranking is good news for home sellers here in Washington.

Despite a larger inventory of homes for sale here in Thurston County, resulting in longer times for homes to be on the market, and a slight drop in home prices, homes in Thurston county currently still have an annual appreciation rate of 8% YTD.

Sandy Nelson
Realtor for Olympia Area Real Estate
www.sandynelsonrealestate.com

Posted by Sandy Nelson Realtor - Olympia, WA on 09/15/2007 11:28 PM

Comments (10)

foreclosures, sandy nelson, olympia real estate

This post has been included in Washington Information Thurston County, WA Information Olympia, WA Information

10 Comments on Record Foreclosure Rates - The true picture

Sandy, you must be one of the lucky ones! Washington is such a great state, I love the variety and scenery of Washington and the great mountain air! Thanks for the memories!

09/15/2007 11:31 PM

by David L. Britt, MBA (The Heritage Real Estate Team)

Great Point! Like everything in Real Estate; the media likes to focus on the NATIONAL Averages. Real Estate is very LOCAL. In Washington DC; we have one of the lowest Foreclosure rates in the country.

Cheers!

09/15/2007 11:32 PM

by James Downing - REALTOR® - Washington DC Real Estate (Coldwell Banker Residential Brokerage)

I just wrote the first post of a series on the Las Vegas foreclosure market tonight. You're exactly right, people need to focus on their local conditions - and in this case it's great for Washington to be at the bottom of the list!

09/15/2007 11:34 PM

by John Novak - Las Vegas and Henderson NV Real Estate (Keller Williams Realty The Marketplace)

David, I suppose there's not much mountain air in Kansas, but I thought it was cool driving through Kansas and seeing straight ahead for miles and miles.

James, I'm glad your area is also not fazed by the foreclosure epidemic.

John, I feel for you down in Las Vegas. Has the worst passed or is the worst still to come?

Thanks for your comments.

Sandy

09/16/2007 11:38 AM

by Sandy Nelson Realtor - Olympia, WA (Riley Jackson Real Estate Inc.)

Good post, statistics can be spun many different ways, it's always important to stand back a little bit from the individual stats and see their relationship to another as well as the larger economic picture.

I don't think it will hit us as hard as NV, AZ, CA, etc, but we still have some challenging months ahead.

09/16/2007 04:17 PM

by Rich Sweum (Homestead Mortgage)

Rich,

I don't know how things are in Everett, but here in Thurston county we have a lot of inventory. This is not due to record foreclosures, but due to spec builders putting out too much product too fast. I believe it will all balance out eventually; it always does.

Sandy

09/16/2007 10:39 PM

by Sandy Nelson Realtor - Olympia, WA (Riley Jackson Real Estate Inc.)

Sandy

These are some pretty impressive figures for your area of the country. I read a report the other day that 1 out of every 99 families will lose their home do to foreclosure this year.

09/17/2007 02:57 PM

by Gary J Rocks (Sussex County Real Estate)

Gary,

One foreclosure out of every 99 families is a startling statistic and a sad picture, as this reality throws home-owning families back to square one of renting.

Sandy

09/18/2007 11:02 AM

by Sandy Nelson Realtor - Olympia, WA (Riley Jackson Real Estate Inc.)

Sandy, our broker clients specializing in REO properties are still scratching for business ... indicating that you're absolutely right.

10/09/2007 11:03 AM

by Larry Wright (nwRealty.Com)

Larry, I'm sure they can easily find business in California.

Sandy

10/09/2007 05:29 PM

by Sandy Nelson Realtor - Olympia, WA (Riley Jackson Real Estate Inc.)

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