Snohomish County Foreclosed Homes: 39 Percent Increase
September 19th, 2008
Another county that has shown an increase in its foreclosure activity is the Snohomish County. There has been a 39 percent increase in the number of foreclosed homes last month in comparison to what it was a year back. It has been found that there has been an increase of about 64 percent last month throughout Washington and 27 percent growth nationwide. About one foreclosure filing per 805 homes has been arrested in the real estate of the Snohomish County. It shows an increase of one filing per 856 homes in July.
Nearly 303,800 homes have been sent a foreclosure related notice in the month of August. According to real estate expert Daren Blomquist:
“There were some areas that were insulated a little bit before that are now catching up”
Real estate professor of Wharton School of Business Albert Saiz has said that in the coming six months, the real estate market will go through a critical phase. The sluggish economy together with greater degree of unemployment aggravates the problem of foreclosed homes.
Jason Bloom, who is the chairman of Elliott Bay Mortgage and president of the Washington Association of Mortgage Professionals, said that the Snohomish County is still in a far better state as compared to majority of other real estate markets in the country. The rate of foreclosure in Nevada is one filing per 91 homes. The markets of Florida, California, and Arizona are also not lagging behind. These states show a record of the maximum number of foreclosed homes. The value of real estate have not come down dramatically in Washington and Puget Sound area as found in the states located in upper Midwest and southwest.
The median home price in the Snohomish County stood at $339,950 last month. This is a 9.35 percent deceleration from what it was a year back. There are also some areas where the value of homes has dropped down by over 50 percent. Homeowners are unable to avoid a foreclosure situation due to the drop in their value of homes and high prices of energy. They are unable to find prospective buyers to sell their home. It has been estimated that about 2.8 million homes in US is going to face foreclosure by next year end.
Bloom has said that until the value of homes drop further, Washington will not be hit by foreclosed homes in a big way. He has spoken to the national banks that are looking forward to help homeowners facing trouble.
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September 19th, 2008 at 1:16 pm
Don’t lose your home to foreclosure. There is a way for you to keep your home and stop the foreclosure. A loan modification will allow you to keep your home.
A loan modification is a change to your existing loan. The change can be the interest rate, the term (length), change the adjustable rate to a fixed, and sometimes the late fees and missed payments can be waived or moved to the back-end of the loan.
A modification should be your first choice. Why? Well if you do a short sale, you have to sell the home. If you refinance, you are starting at the beginning of the amortization schedule and they will check your credit. When we do a loan modification, credit is not considered. It is based on your income and expenses.
My company, American Modification Agency, is having great success in getting loans modified to meet our clients needs so they can keep their home.
Heather
September 19th, 2008 at 1:31 pm
Hello Heather! Thanks for your information.