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Seattle Bubble Forum Archive • View topic - Seattle area foreclosures amongst largest in

Seattle area foreclosures amongst largest in

Anything and everything relating to Seattle-area real estate.

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Seattle area foreclosures amongst largest in

Postby sniglet » Wed Jun 04, 2008 8:42 am

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.

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Re: Seattle area foreclosures amongst largest in

Postby rose-colored-coolaid » Wed Jun 04, 2008 9:59 am

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
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Re: Seattle area foreclosures amongst largest in

Postby deejayoh » Wed Jun 04, 2008 10:54 am

deejayoh
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Re: Seattle area foreclosures amongst largest in

Postby rose-colored-coolaid » Wed Jun 04, 2008 12:46 pm

rose-colored-coolaid
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Re: Seattle area foreclosures amongst largest in

Postby mike2 » Thu Jun 05, 2008 6:10 pm

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.
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