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Seattle Pre Foreclosures Slowed, Affirmed Positive Prospects

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By : John Cutts    99 or more times read
The pace of Seattle pre foreclosures slowed in February and affirmed the positive market prospects by analysts and real estate professionals for Seattle.

Only 342 homes in King County, where Seattle is situated, were taken back by lenders in February, representing an 11-percent drop from the number of housing units repossessed in January. Foreclosure filings posted a sharp 26-percent drop from January and a whopping 33-percent fall from February 2009. The February figure included properties posted for the public homes auctions in Seattle.

As filings slowed, the median price for homes in King County fell to $343,500 in February from the January median of $350,000. It was the average price that increased from S420,536 in January to $429,288 in February.

Pending home sales also increased in King County and in all the 20 other counties in Central and Western Washington tracked by the NWMLS. Pending sales climbed up in February to 6,590 units, a marked increase from the January pending sales of 5,579 units.

The average price for homes sold in the NWMLS region in February was $323,275, an increase from the $316,141 average in January. The median price also rose from $259,904 in January to $260,000 in February.

According to officials of the Northwest Multiple Listing Service, the surge in pending sales contracts and the slowdown both in Seattle pre foreclosures and in actual foreclosures are two signs that the housing sector is in recovery.

Meribeth Hutchings, head of the MLS, said that positive signs are now enveloping the Central and Western Washington housing market. Residential mortgage rates are still low, houses have become more affordable and the employment situation is improving.

The decline in Seattle foreclosure listings has been mirroring the slowdown in statewide foreclosure activity. In January, foreclosure filings in the state of Washington dropped by 22 percent from December to 3,495 filings, and again in February, filings fell by 24 percent to 2,670 filings.

In January, Washington was 28th in the list of states based on rates of foreclosure. In February, Washington moved down by four places to 33rd, indicating significant improvements in the statewide foreclosure situation.

One factor that improved the Northwest housing market is the increased activity in short sale the home sale component that has cut down a substantial number of Seattle pre foreclosures. According to Glenn Crellin, head of the Washington State University Center for Real Estate Research, the short sale subsector of the resale market spiked over the past several months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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