Even though our area doesn’t have as high of a foreclosure rate as you might expect, the toxic loans and suicide financing are still having somewhat of an effect…
In Seattle’s hot real estate market a growing number of people are losing their homes in foreclosure.
For most people losing their homes, there are several investors waiting to snap them up.
In Washington state the foreclosure rate is up nearly 30 percent over last year, and more than 1,000 homeowners have been going through foreclosure this past year.
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Why are more people losing their homes?Experts say interest only and adjustable rate loans are enticing buyers into trouble.
“So they can get into their dream house when maybe they should have waited a few years when their income went up and not taken these risks,” said lender representative Karen Gibbon.
In other news, experts say that when an egg is dropped on the sidewalk, it is likely that it will break. Who can blame those overeager buyers though? I mean, they’re just trying to live out The American Dream™, right?
(Linda Brill, KING 5 News, 08.04.2006)