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Seattle area foreclosures amongst largest in

snigletsniglet
edited June 2008 in Seattle Real Estate
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.

http://www.nytimes.com/2008/06/01/business/01town.html?_r=1&oref=slogin

Comments

  • rose-colored-coolaidrose-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
  • deejayohdeejayoh
    rose-colored-coolaid wrote:
    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

    King County is at 1 in 1455 per Realtytrac
    Pierce is at 1 in 341, which is the highest in the state.
  • rose-colored-coolaidrose-colored-coolaid
    deejayoh wrote:
    King County is at 1 in 1455 per Realtytrac
    Pierce is at 1 in 341, which is the highest in the state.

    Thanks for the link. My gut tells me that rates higher than 1/300 is where it really starts to matter. Until we start getting close to that, a doubling rate isn't such a huge deal. Even though it's interesting that our prime rate is apparently so high.
  • mike2mike2
    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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