Aubrey Cohen of the P-I reports on the continuing trend of the increasing number of local foreclosures. Skipping over the article’s pointless comparisons with other parts of the country that are clearly ahead of Seattle on the bubble-bursting curve, here’s the meat of what’s going on around here:
Area foreclosure filings in July were up 21.5 percent from June and 44.6 percent from July 2006. Filings in King County alone were up 27.8 percent from June and 34.2 percent from July 2006.
Washington state filings were up 8.9 percent from June and 49 percent from July 2006. Nationwide, filings were up 9 percent from the previous month and 93 percent from a year earlier.
Here’s a graph of monthly King & Snohomish foreclosures since October of last year, to help you visualize the recent trend:
Nobody worry though, despite rapidly decreasing rates of appreciation with almost certain price deflation on the horizon in the face of a much tighter lending market and a possible national recession, Seattle is different from the rest of the nation and will soon see foreclosures level off. They definitely won’t continue rising to eventual record highs. Why would they? I can’t think of a single reason.
(Aubrey Cohen, Seattle P-I, 08.21.2007)