BREAKING NEWS ! New Expanded Home Buyer Tax Credit Approved

Congress has expanded the home buyer credit to now include current homeowners. This is great news for the move-up buyer.

Qualifying purchasers can receive a credit up to $6,500.

The income limit for singles is $125,000 and $225,000 for married couples. If your income is higher than that, you can still qualify, but the credit will be less.

The credit can be applied to home purchases up to $800,000 and is effective on purchases until April 30, 2010 (must close escrow before 7/1/09).

With home prices finally stabilizing, now is a great time to take advantage of lower home prices and lower interest rates!

Snohomish County Residential Average Sales Prices Hold Steady

Snohomish County average residential home prices continue to show stablization as average prices have remained around $330K for the last 6 months.

King County Foreclosure Rates 2007 Through September 2009

The foreclosure rate for September in King County rose slightly over August. Foreclosure rates remain high overall but show signs of recovery as August and September are the 2 lowest foreclosure notice filing months posted so far this year. We hope the trend continues as the market continues to show show signs of stabilization.

Everett Condo Annual Sales Prices for 2004 - 2009

The sales numbers of resale condos in Everett has bounced around a bit during the year. Average monthly sales prices can be swayed easily by one or two high or low priced sales. The chart below shows a more reliable annual average for median condo prices.

These statistics only include condominiums that are at least 5 years old. The numbers tell us that on avereage, resale condo prices have come down to 2006 prices or about 15% on average since peaking in 2007 at $204,950.

FORECLOSURE NOTICES DROP 50% FOR AUGUST 2009

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!

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.

Snohomish County Average Home Prices May 2009

Average home prices for May 2009 show trends of stabilizing home prices for Snohomish County. The last 5 months average approximately $330,000.



Homes sales continue to rise has home buyers take advantage of today's lower home prices and the $8,000 Home Buyer Tax Credit.

King County Foreclosure Rates May 2009

King County foreclosure rates ticked up to 262 homes for May 2009. Actual foreclosures take place and are recorded about 90 days after the Notice of Sale filing.

Snohomish County Homes Sales By Price Through April 2009

Snohomish County homes sales are weighted heavily in the $200k - $400k price range. The market for the over $500K home remains anemic.

This is having an effect on the average and median home price charts.

This does not necessarily mean prices are continuing to fall in Snohomish County. The charts and graphs reflect the numbers from "homes that are currently selling".