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Expect More Foreclosures in Port Angeles
More foreclosures are on the horizon just about everywhere in these United States. Retirement havens Sequim and Port Angeles are no exception, although we certainly have a much smaller foreclosure market than most. Our own foreclosure market is a function of the mortgage debacle and the recession. Owners who find they owe more than the house is worth are making hard decisions about whether to continue to make the mortgage payments or just walk away. But there's another reason we will see more foreclosures. This national recession is taking a tremendous toll on family finances. Many are unemployed. The self-employed entrepreneurs, who are the backbone of this great nation, are getting hit hard, and this will mean more foreclosures. To make matters worse, national banks with mortgage loans on the Olympic Peninsula are quite uncooperative and generally unwilling to work with distressed homeowners when it comes to what are text book cases for loan modifications and short sales.
So we certainly will see more foreclosures in 2010. How will this effect the real estate market for buyers and sellers? Will this present grand opportunities for buyers? If you are a buyer, should you be scouring the market for that diamond in ... more

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