2008 Washington Foreclosure Stats

February 20th, 2009

In the State of Washington in 2008  there were 19,437 foreclosure Filings. Washington is ranked 24th out of 47 states, 3 states do not allow foreclosure. The Average sale price for a foreclosed property in the state of Washington was $248,803.00.   The peak filings in the state happened in August, currently we are 27% lower then the peak filings. Who knows what this 75 billion in foreclosure bailout will bring? I doubt it will yield any real support. Since there has been and will continue to be large amounts of layoffs, more and more people will not be able to afford their mortgages they once could support with their income. This stimulous has come to late, the dominoes have already started the chain effects. The compiled data shows another 12% drop in real estate values before, I believe a bottom will be called. Yes, there will be more foreclosures, but they will come at a slower rate and over a longer period of time. Good luck, and remember now is a great time to start investing in distressed real estate.

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