Bidders continue to snap up foreclosed homes for sale in Seattle, WA as average prices continue to fall.
Outside one of the King County public buildings, groups of people gather every Friday to look at bargains they could buy, fix and resell at great profits. Those who are more experienced in foreclosure auctions have already performed their due diligence and have already determined which of the foreclosed properties for sale would be profitable for them.
Based on statements from foreclosure specialists in King County, where Seattle is located, the number of homes being auctioned off every week has spiked from about 150 units before the housing crisis to about 450 in the first months of this year.
While most of the 25 largest cities in the county have started recovering from the crisis, Seattle and two others are still experiencing surges in foreclosure activity.
Analysts contend that foreclosed homes for sale in Seattle, WA continue to rise in number while foreclosure filings slow down in other areas because the effects of the crisis on Seattle were delayed. Initially, Seattle was largely insulated from the crisis.
When the housing crisis hit, Seattle was able to hold up as the city has one of the strongest economies in the country. It hosts several of the largest employers in the nation.
But as the crisis persisted and spread out, residential and commercial foreclosures began to surge in Seattle and in other parts of King County. In April, a total of 1,282 foreclosure filings were posted in the county, accounting for 29.4 percent of the 4,365 foreclosures filed throughout the state. These numbers are in addition to the 3,439 Washington foreclosed homes posted in the first three months of this year.
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