Snohomish County Homes Prices Show Stabilization

Snohomish County average home prices continue to stabilize. For the last 6 months home prices have averaged around $330,000, off the high of $425,000 in March of 2007. The housing bubble has been effectively wiped out of the market and sale prices have returned to the trend line.

The Notices of Trustee Sales jumped significantly for June of 2009. Actual foreclosures based on filings 90 days ago represent 29%, down from 31% for May. If we expect that 30% of filings turn into actual foreclosures 90 days later, we could predict that there will be about 485 actual foreclosures filed in September, which would be the highest on record. Only time will tell us if the banks are making any progress in getting through the backlog of loan modifications. Banks have informed us that it is taking 4 - 6 months to complete loan modifications.