Snohomish County Real Estate Update

If you’ve turned on the news or read a newspaper lately, you have certainly heard all of the buzz around the national housing market crisis. Some news media is even referring to it as “Mortgage Meltdown 2007.” In the wake of recent changes in interest rates and credit standards, Realty Trac (an online marketer of foreclosure properties) has announced that the recent influx of foreclosure filings showed now signs of easing as of July 2007.

Foreclosure filings in July 2007 showed a 9 percent rise over those filed in June 2006 and a startling 93 percent increase compared with July 2006.

Read the full article here, and please remember that an experienced Realtor is always your best resource if you think you may be facing foreclosure in the future. We can lay out your options for you and give you a realistic view of the current housing market.

To learn more about the latest in the housing market and Everett WA real estate, please visit my website or call me today at 425-308-3669.

Foreclosures Increase 25 Percent

RealtyTrac reported last week that the number of homes entering the foreclosure process increased by 25% compared to January 2006. A total of 1.2 million homes entered the foreclosure process in 2006, 42% more than 2005.

These are staggering numbers and are due mostly to borrowers taking out adjustable rate mortgages with low teaser rates and then not being able to afford the payments when the rates increase.

Do you own a home in King or Snohomish County and are facing a possible foreclosure? Often, there are options that can avoid foreclosure or minimize the damage. Your home may have appreciated enough to be able to sell and get out from under the debt. Your mortgage company may be willing to participate in a short-sale, or there may be a refinancing option that will lower your payments.

Banks and mortgage companies don't want to foreclose. Foreclosure is an expensive process and lenders are not in the business of owning real estate. Often, you just need to know the right questions to ask and the right people to ask them to. So, give me a call, 425-308-3669. Myself and a reputable lender will be glad to talk with you and help in any way we can.