Seattle foreclosures have been rising steadily for the past couple of years, but a new article from CNN Money puts the total numbers in perspective. While Seattle got hit with the real estate downturn much later than most cities, our foreclosures have been increasing while other cities have been slowing.
That being said, our total foreclosure numbers are less than half the national average. Most big cities have real issues with foreclosed homes and distressed properties. Seattle bank-owned homes constitute less than one quarter of one percent of the homes for sale on the market. This is miniscule, and doesn't affect the real estate market much at all at this point. From the article:
The housing market could rebound quickly... "It's down because of economic distress," .... Once job losses end, the city's very diverse and modern companies should drive a quick recovery.
Sam DeBord and Brian Wiegand
Seattle Real Estate Brokers
SeattleHome.com (206) 552-8820
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