Record Foreclosure Rates - The true picture

According to national media reporting, the average national foreclosure start rate is at record levels. This is blamed mostly on irresponsible sub-prime mortgage lending practices. A detailed picture shows that in most of the states the foreclosure start rates have actually declined.

According to the Mortgage Bankers Association the extreme conditions in four states severely skew the national average. These state are: California, Nevada, Arizona and Florida. Home prices in these states have dropped significantly and inventory is at an all time high.

This situation leaves home sellers anxious to sell at any price and home buyers uncertain whether to wait until prices drop further.

This illustrates that looking at an average national scenario is not always helpful in determining local market conditions. So what is the picture for Washington state?

According to the newly released national mortgage delinquency report by the Mortgage Bankers Association, Washington state ranks 47th nationally in delinquencies and 49th nationally in foreclosures.
This superior ranking is good news for home sellers here in Washington. 

Despite a larger inventory of homes for sale here in Thurston County, resulting in longer times for homes to be on the market, and a slight drop in home prices, homes in Thurston county currently still have an annual appreciation rate of 8% YTD.

Sandy Nelson
Realtor for Olympia Area Real Estate
www.sandynelsonrealestate.com