You’ve probably heard about the foreclosure tours that are becoming common in places like Las Vegas and Sacramento. Well it looks like they have finally arrived in the Northwest.
Thurston County foreclosure notices have increased more than 50 percent in the first quarter of 2008 compared with the same period last year, prompting one real estate agent to begin offering tours of homes in various stages of foreclosure.
Through the first three months of the year, the county has received 228 foreclosure notices, up 54.1 percent from the 148 received during the same period last year, county licensing and recording manager Terra Howell said.
South Sound real estate agent Phil Sharp has tried to capitalize on this increase by offering tours of foreclosed property to potential investors.
In February there were only 223 closed sales in Thurston county. So although 228 foreclosures doesn’t seem like much, it might be hard to find buyers for those properties.
Tim Salo of Olympia said he wants to diversify his investment portfolio by buying real estate.
He started shopping for foreclosed properties about six months ago, but then prices averaged about $250,000. Since, he has noticed prices for distressed property fall 10 percent to 15 percent.
“Now, it pencils out,” he said about the investment.
Wow, so if property prices have fallen 10 to 15 percent in just six months, why wouldn’t you wait another six months to see if they keep falling further? Sure, if you’re “buying for the long term” and all that, it doesn’t matter, bla bla bla, but isn’t buying today when it is a near-certainty that prices will be cheaper tomorrow just throwing money away?
(Rolf Boone, The Olympian, 03.30.2008)