Foreclosures in Seattle Spiking!
Posted on April 3rd, 2009 by Al Lorenz
The Wall Street Journal has an article on the huge increase in foreclosures in the Seattle area today. Many of the real estate markets in North Central Washington are impacted by the Seattle market because so many homes are purchased as second homes by Seattle residents.
Seattle, which had withstood the national downturn until recently, saw foreclosures spike 55% from a year earlier and jump a stunning 88% from the fourth quarter. The Auburn neighborhood topped its list of new foreclosures, or properties scheduled for auction for the first time during the period. – WSJ
So far, the Auburn area is seeing the highest foreclosure rate. The increase is beyond typical seasonal increases and is believed to be due to economic malaise.
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