Wednesday, July 14, 2010

Snohomish County Foreclosure Rates June 2010

The Snohomish County foreclosure rates show us that homeowners are still struggling to meet their mortgage payments. However, what is most interesting is that the numbers show us that the banks are not aggressively foreclosing. We hope this is a result of banks working with homeowners on loan modifications through the government's Making Home Affordable Plan.

With the HAMP program there is really no need for someone to loose their home through foreclosure. This program not only helps those that have had income reductions, it will help those that have had a job loss.

"By August 1, all mortgage servicers participating in the Making Home Affordable Program will offer extra help for homeowners struggling to make their monthly mortgage payments because of unemployment. The Unemployment Program will offer homeowner's a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment"

If you know of someone who is struggling to meet their payments, have them give us a call. We would be more than happy to explain the Making Home Affordable Program and how it may help them stay in their home. We have already helped 2 families keep their homes after going through a home loan modification.

As Realtors, we find it is important to provide education to those in need - and we are here to help!

Snohomish County Average Home Prices June 2010

Snohomish County average home prices for June 2010 dropped about 2% over May. This is indicitive of the fact that so many homes in the lower price ranges are selling as opposed to those in the upper price ranges. This drags down the average as a whole.

Distressed property sales continue to be a factor in the market. Bank sales or REO properties represent 20% of the sales and Short Sales represented 11% of the sales for the period of January to June 2010.