Washington has 1,403,098 mortgages on this year-end 2009 report from First American Core Logic. 233,795 of these, or 15.9%, have negative equity (owe more than market value) at the end of 2009, and another 223,795 of these are near negative equity. Many of these are keeping their payments up; however 2.1% (29,465) are in foreclosure and 7.65% are past due. Many of these owners will manage to cure their loan and stop foreclosure. If 2.1% seems high consider areas like Las Vegas or Denver with over one out of every three homes is being foreclosed on. In Washington 439, 728 of the homes are owned free and clear with no mortgages. The prediction by the American Society of REO specialists (of which I am a member) is that foreclosures nationally will continue to increase for the next eighteen months and then level off and start declining. It will take until 2115 to get back to the normal number of foreclosures.
If you know someone that is a distressed homeowner have them call me. There are a number of ways that they can be helped with the Make Home Affordable programs – HAMP, HARP, HAFA - & Short Sale Alterntives. Brian Graves 206-669-2119, e-mail bgraves@bentleyproperties.com
