Just the word "foreclosure" can send many running or begin to make a person sweat. It carries such negative energy that I think it needs to be put into perspective in Washington state.
Current foreclosure rate in WA:
.49 %
Current foreclosure rate in the U.S.:
1.4 %
1997 foreclosure rate in WA:
.5 %
1997 foreclosure rate in the U.S.:
1.08 %
Even though there is a lot of press right now about foreclosures the nation and WA state are actrually down from highs in 2001/2002 when WA reached 1.24 % and the Nation was 1.51%.
Without perspective the media can drive our real estate market into a holding pattern. Buyers will stop buying and sellers will stop putting their homes on the market.
Bottom line.....this may be the best time that I have seen in 17 years to purchase in our area. There are a lot of homes to choose from, Sellers are much more flexible and to top it all off....interest rates continue to stay very low. To those that ask the question "will interest rates go lower" I respond maybe....but it is not worth the risk. With rates being so low, there is a better chance that they will be higher 12 months from now than they will be lower.
