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Lower Prices Make Seattle Foreclosure Investing Viable

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By : John Cutts    99 or more times read
The drop in home prices in March has made Seattle foreclosure investing even more viable, based on data collected from foreclosure listings in King County, where Seattle is the administrative city.

The average price for all single-family houses in King county and condo units sold in March dropped to $425,545, a decrease of 0.87 percent from $429,288 in February. The median price for all homes sold, however, increased in March slightly to $343,950 from $343,500 in the previous month.

Lower-priced properties in lists of foreclosure houses in King County helped push up total home sales in March by 60 percent from 1,255 units in February to 2,008 in March.

Similarly, the more affordable prices of foreclosed homes for sale in Washington helped push up sales of homes in Western Washington from 3,214 units in February to 4,972 units in March, posting a 45.4-percent increase in total sales.

Pending home sales also increased in the county, with a total of 3,479 home purchase contracts signed but not yet closed in March. The number marked a jump of 32.74 percent from the 2,621 contracts signed in February.

In the entire Northwest Washington region, a total of 8,605 home purchase contracts were signed, a jump of 30.6 percent from the 6,590 agreements signed in February.

Another indicator affirming the viability of Seattle foreclosure investing is the Standard & Poor’s/Case-Shiller home price index. This index showed that house prices in Seattle dropped by 1.1 percent in February compared to January, higher than the 0.9-percent average drop of home prices in the 20 biggest cities in the country.

The Case-Shiller index for Seattle dropped to 143.56, a drop of 5.6 percent compared to the February index last year. The drop was the third worst fall in the country, behind only Las Vegas, which posted a drop of 14.6 percent, and Tampa, which posted a drop of 6 percent year-over-year.

In January, Seattle also posted the third worst price decline in the Case-Shiller index among the top 20 cities tracked, again behind only Las Vegas and Tampa. House prices in Seattle dropped in January by 6 percent to a record low of 145.09. The index monitors changes in the prices of specific houses in a city.

As Seattle is home to some of the most successful business enterprises in the U.S. and is expected by analysts to recover and continue to grow, Seattle foreclosure investing is viable. The reduced prices of distressed properties add to the profitability of reselling foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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