For the state of Washington, June is a busy period in terms of developments that have significant bearing on the state's economy. One of these is the number of foreclosed house auctions for sale that account for the area's total home sales for the month.
Various areas of the state are still suffering from the impact of the housing crisis. Bellingham foreclosure investing and buying, just like in other counties, has gained temporary momentum due to the tax credit. However, buying of residential properties of any type is expected to decline in the coming months as the tax credit expires.
Sale of new and foreclosed homes in Washington rose during the month of May because of the federal tax credit program. As in most areas of the U.S., this rise in home sales is expected to end with the coming second half as homebuyers find it hard to get help to finance their residential purchases. Real estate reports are already hinting that the decline will be starting in July, with new listings and pending house sales already declining.
In Whatcom County, foreclosed house auctions for sale account for 17% of total home sales during the first quarter of the current year. This percentage represents homes that were either sold through short sale or were bank owned or in some form of foreclosure. The number is higher than figures recorded in the last quarter of 2009, wherein 12.5% of home sales were accounted for by distressed properties.
Aside from statistics on buying foreclosed homes for sale, other developments are expected to affect Whatcom County's economic condition in the coming months. One of the most talked about is the debate on the sales tax exemption meant to apply to residents of British Columbia. A judge has temporarily blocked a rule that would have allowed BC residents not to pay sales tax to local retailers. The issue is still being debated, with both the Department of Revenue and the courts expected to have their say on the issue.
Although house auctions for sale and new residences enjoyed marked attention from buyers in the past few months with the tax credit in place, real estate analysts are predicting that the coming quarter will show a sudden drop in home buying activities in all areas of Washington.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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