#'s of Delinquent Mortgages Declining

Here's the skinny on our local housing market (King, Snoho, Skagit, Island & Whatcom Counties) for Sept '11 vs. Sept '10:

 

Active Inventory      -15%

Pending Sales       +19%

Closed Sales         +33% 

Avg Sale Price       -3%

Interest Rates         4.11% (-.24)

 

While I don't know anyone who would dare use the word "recovering" quite yet to describe our current real estate market, those numbers for our local N. Puget Sound region should be encouraging to Sellers (Its ironic that what we call a"bad" market is really only bad for half the market, Seller's, all my clients who have bought homes or investment properties lately think this market is awesome!).  Inventory is down, total number of sales are way up and prices have only dropped slightly after our huge plunge from 2007-2010.

 

Also, its positive to note that on a national level the number seriously delinquent (90+ days late or in foreclosure) Fannie/Freddie mortgages has been constantly declining since March 2010.  There is still a glut of distressed inventory out there keeping prices low, but the market is buying it up and sub-prime lending seems to have met its much deserved Grim Reaper.

 

On that note, Happy Fall!  Seth