Are we over the worst? Let's hope so! The significant fall of Notices of Foreclosure filings show positive signals of stabilization. Even though the foreclosure rates continue to be the worst on record - they appear to be coming off their peak of June 2009.
Even how terrible it is for just one person to loose their home to foreclosure, a closer look at the big picture is in order.
For 2009 there have been 2,247 foreclosures.
Not all of those are your "typical family" losing their home. That number represents investors, speculators, home builders and flippers. Taking a guess, I would imagine about only 50% of that number represents a typical family losing their home.
The King County census records indicate that 59.8% (from 2000 - the current number for 2008 would be higher, but that info is not available) of 816,764 households, are homeowners. That gives us 2,247 of 488,425 homes lost through foreclosure this year, representing only .0046%.
Sounds like a pretty low number compared to what we read and hear in the media. Our local real estate market is not even close to the turmoil of markets in other states.
Actually, we are holding up fairly well when we look at the big picture!