Just wanted to take a minute to pass on some information about current issues in the foreclosure market here in Washington. If you’ve seen the news recently, you’ve probably heard stories about “robo-signers” and about how some lenders are halting the processing and sales of foreclosures in some states.
Washington Attorney General Rob McKenna held a press conference and issued two press releases last week regarding these foreclosure issues. He explained that the state has been investigating several foreclosure trustees since May of this year and that they are requesting that Washington state trustees immediately suspend questionable foreclosures. Links to both press releases are below. He is also joining a nationwide task force to more fully investigate these issues.
Most major lenders have halted the processing of foreclosures and several, including Bank of America, have halted the sale of existing foreclosures. While the overall news may not seem positive, the reality is that there are currently more foreclosures on the market than in past weeks and that new foreclosure listings seem to be priced lower. While some listings have been cancelled, there is still plenty of inventory available. All in all, it's still a great time to buy a foreclosed property in Snohomish County!
With the large number of foreclosures on the market, it’s also a great time to sell your home. While this may seem contradictory, the truth is that interest rates are still at historic lows and buyers are coming back in droves. Many of these buyers have been warned to stay away from foreclosures so demand for traditional sales seems to be increasing.
If you are interested in buying or selling a home, or would just like some more information, please give me a call at 425-344-1548 or drop me an email!
Press Releases -
Attorney General McKenna calls for mortgage trustees to suspend questionable foreclosures.
http://www.atg.wa.gov/pressrelease.aspx?&id=26634
Attorney General McKenna, DFI join multistate investigation into mortgage servicers
http://www.atg.wa.gov/pressrelease.aspx?&id=26630
Comments(0)