I've asked people recently where they thought Washington ranked nationally in number of foreclosures.  Based on what we hear in the news, most of us thought we'd be in the top ten.  In fact, we are #47 of all states in delinquencies and #49 in foreclosures.  Our market is so far removed from what we hear in the news that its simply hard to believe the facts.  But Washington has a stronger economy than most and we are still a very popular destination. 

This is further supported when you look at the number of real estate transactions occurring in our area, despite the housing "crisis" that we hear so much about.  The recent Office Of Federal Housing report shows Olympia ranked number 160 of 291 metropolitan areas in the United States in overall transactions (which in this report included refinances).   Tacoma was ranked number 62.  Of course that makes you wonder who was number one, and you'll likely be surprised to learn it is Wenatchee, WA.

You might also be surprised to learn that 2007 was the fifth best year for real estate transactions since records have been kept by the National Association of Realtors.  So, would another 2007 be terrible, or is what is happening in our area simply "getting back to normal?"  Only time will tell, but in the first 2 months of 2007 there were 1,152 new listings that came on the market.  In the same period in 2008 there have been 1,131, just slightly less.  Comparing closed transaction in the same period, there were 93 closed sales in 2007 and 77 in 2008 during the same time frame.  Again, only slightly down.

Of course we must temper our optimism, knowing that as long as the news can report that the sky is falling, they'll do so, until consumers get tired of hearing it and go on about the business of their lives.  Recently I was reading an article from the Associated Press.  It was full of gloom and so when the gold nugget of positive news showed itself, I almost missed it.  I had to go back and read it again.  The article stated "The overall foreclosure rate is 5 percent higher than in February, which saw an unexpected month-to-month decline over January."  When that "unexpected decline" occurred in February, no one from the news agencies I'm aware of gave it much coverage.

There are signs that things are getting better nationally and locally, we're still in great shape.  If you need to buy or sell or home, you can still get it done in today's market with the right help.

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Riley Jackson Real Estate