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Stats for Seattle Area Not Good: Percentage of Homes Underwater and Delinquency Rates Both Higher Than National Averages

Seattle Short Sales - Wednesday, March 12, 2014
As reported in the Puget Sound Business Journal, nearly one third of homes in the Seattle area are underwater on their mortgages.

The report quotes quarterly figures released by Zillow.com. At the end of the first quarter of 2013, 31% of homes in King, Pierce and Snohomish counties were underwater - in other words, the homeowners owed more on their mortgages than the current value of their home. That represents a very slight improvement from the last quarter of 2012, when 34% of homes were underwater.

The situation is worst in Pierce County, where nearly 43% of homeowners are underwater on their mortgages. Snohomish County is not far behind, with 37% of mortgages underwater. Homeowners in King County, however, are faring much better, with only 24% underwater with their mortgages - slightly better than the national rate of 25% (as well as better than the rate across Washington State of 29%).

However, Zillow also notes that nearly half of homeowners in the Seattle area had little or no “effective equity.” They consider homeowners with less than 20% equity in their home to have no “effective equity,” because if they sell their home, by the time they pay agents’ fees and closing costs, they will see little or no cash out of the deal.

Zillow also noted that the rate of three or more months’ delinquency is slightly higher in the Seattle area than the national average. In the Seattle area, 10% of homeowners are three or more months delinquent, compared to the national average of 9%. Homeowners who are both underwater and who are behind on their mortgage payments are at high risk of being foreclosed upon by their lenders, unless they take action to prevent foreclosure, such as by negotiating a short sale or a loan modification.

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/ 

You can also contact Lambros Politis on Google+ or to find more up to date information on this subject, go to the Ark Law Group Blog. 

 


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