Seattle area foreclosures amongst largest in

[sniglet]

This NY Times article about growing defaults in Prime mortgages has a chart that shows the Puget Sound as having one of the highest increases in Prime foreclosure rates in the nation.

[rose-colored-coolaid]

The increases in foreclosures in our area are certainly news. But I'm waiting to pass much judgment until the total foreclosure rate gets higher. Does anyone know where we currently stand? Like 1 foreclosure for every 1000 homes? Every 500 homes? Every 200?

Thanks

[deejayoh]

[rose-colored-coolaid]

[mike2]

Well, this is just SHOCKING.

Seattle was safe because there was relatively little subprime. But for some reason the prime buyers were jumping all over the IO ARMs and Neg-Am loans. Presumably because Seattle is so smart and educated, this new crop of non-principal paying buyers were all savvy money managers maximizing cash flow.

Nevermind that Seattle incomes are (on average) crappy, hence the need for affordability loans for otherwise well educated buyers.