Number Of Distressed Homes In Puget Sound Remains High

Dated: 11/21/2013

Views: 1574

With the run up in home prices last spring and summer, many people believed that the market had recovered and we were back in full swing after the recession. However, news from our short sale negotiators, McFerran and Burns, suggests that we might not be out of the woods yet. The bounce was short- lived and we are back to a very expected and stable value increase flat rate. It seems like we are predicted to be back to our 2007 values in about 4 years based on the current projections.

The number of homes that are considered “under water,” or that the value of the home results in negative equity for the homeowner, is still relatively high in Puget Sound counties. In Pierce County, 29% of the homes are under water; In Kitsap County it is 30% of homes, in Snohomish it 32% of homes, and even in King County 22% of the homes are still distressed. In King County in particular, there are clusters of residential areas where it seems like the recession hardly happened at all. In other areas of the county, however, entire streets are considered distressed, so it is an average. If you are in this category of homeowners, where you need to get out of your current home, but don’t want to take a huge loss when selling or if you are facing foreclosure, Team Troy has the short sale experience to help. In particular, the Foreclosure Fairness Act can be of great value to distressed homeowners.

The Washington State Foreclosure Fairness Act took effect on July 22, 2012, and it allows homeowners at risk of foreclosure to require their lenders to mediate about foreclosure issues, including reinstatement, loan modification, debt restructuring, and other workout arrangements. A lender’s failure to participate in good faith in the mediation is a defense against foreclosure. The lender’s refusal to agree to a loan modification that has a net present value higher than the net present value of the anticipated recovery from the foreclosure is another defense. If you want to know more about the short sale process for your home, visit www.shortorstay.com/teamtroy for more information. We can help you avoid foreclosure.

Troy Anderson

~Married with 2 children ~Turned grey prematurely ~Fetish for all things Apple ~Urban chicken farmer ~Enology (wine making) student @ WSU ~14+ years of Real experience “Here at TeamTroy we h....

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