http://www.dsnews.com/articles/foreclosureradar-foreclosure-sales-down-in-western-states-2012-07-12 While WA isn't listed here, we never hit the top states for foreclosures, the signs of the western portion of the US stabilizing is good news. Right now, we are tracking very similarly to the same market changes as CA, which in many marketplaces means we're back to a seller's market right now due to lack of inventory being available. Demand is still high because rates are so incredibly low (below 4%!!) and prices have made buying more affordable.

One other reason for the shift may have to do with the fact that banks have been slowing down their foreclosure processes in many states to mitigate the number of homes going into their REO inventory and to allow for them to continue taking advantage of new business in the mortgage industry. They can only lend so much and lots of REO's on the books limits their ability to do new loans.

There was a shift in our marketplace in Puget Sound starting in April 2011. Lack of inventory has made a lot of the difference for us and with 30-40% of homeowner's still being underwater on their homes, we'll see this trend for a while.

Reba Haas

Team Reba of RE/MAX Metro Realty

www.TeamReba.com

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Post is included in group: Puget Sound - WA Real Estate
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!

2 Comments on Good news for western states with slowing foreclosure sales!

JUL
16
315,482 Points Outside Blog
Reba: This is some good Info for all in the market,keep up the good job,and good luck with your business in 2012, E
8:17am • #1
159,394 Points 3 Featured Posts

Thanks, Ed!  Considering it affects your marketplace, I'm sure it is good news, indeed!!!! All the best to you in your busienss.

 
8:27am • #2


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Reba Haas and Team Reba, CDPE

Bellevue, WA

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Team Reba of RE/MAX Metro Eastside www.TeamReba.com

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