Real Estate Foreclosures in Washington

Real estate foreclosures have been a popular topic in the media lately, and some states are experiencing serious foreclosure rates, but not Washington.  Washington is in the middle of the pack.  Here are the top 10 foreclosure states:
  1. Nevada – 1 in 61 households
  2. California – 1 in 88 households
  3. Florida– 1 in 95 households
  4. Michigan– 1 in 102 households
  5. Ohio– 1 in 107 households
  6. Colorado– 1 in 109 households
  7. Arizona– 1 in 112 households
  8. Georgia– 1 in 142 households
  9. Indiana– 1 in 196 households
  10. Texas– 1 in 205 households

Washington is Number 23 with 1 in 439 households in foreclosure.   Source:  RealtyTrac

A search on the Internet for the word "foreclosure" in Google gives you 24,100,000 hits. Much of the hullabaloo is about how to make money buying foreclosures.  Having done many foreclosures as a real estate attorney going back to 1986, I can tell you very few people make money in foreclosures. Most of the money is made in selling services, seminars, and books on how to make money in the foreclosure market. I can count on one hand the clients I've had who actually made money in foreclosures. Can you make money with a foreclosure? Absolutely. But they are far and few between. This is a reality check for some. For others, I'm sure this is no surprise at all. If you want to know exactly how the deed of trust foreclosure process works in Washington, go to http://freerealestatelaw.com/Foreclosures.html.


Best regards,

Chuck Marunde, J.D.
Broker/Owner
Sequim & Port Angeles Real Estate, LLC
618 S. Peabody St., Suite I
 

 

 

3 Comments on Real Estate Foreclosures in Washington

Some excellent facts, Chuck. Helps to put things into perspective. Thanks!

12/06/2007 10:42 PM by Rich Jacobson ~ ActiveRain Community Builder (ActiveRain Corporation)

yes, not so bad at all when you look at the big picture....ktm

12/06/2007 11:34 PM by Prudential California Realty/Bristol Home Loans

We have our office in the condo-hotel resort. There was one unit on foreclosure. The customer walked in and told me that he wants to buy it off foreclosure, and wants to immediately put it with us for sale at 50% higher.

I told him it was not realistic. The guy became to explain tome that about the property, rentals, etc. He could not get it that if everything was so wonderful, it would go into foreclosure in the first place.

So, he asked me: "What is going to happen to this property". I told him that the worst case scenario it could end up in foreclosure again.

I did not want it. It did ended up in foreclosure

As for very interesting statistics, it is, of course, not homogeneous. While in Florida it is 1 out of 95 properties, in Miami Beach area it recently was 1 in 32. I read it in Miami local paper.

01/06/2008 10:06 PM by Jon Zolsky (FunCoast Realty LLC)

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