Several areas in the state of Washington recorded further declines in home prices for the second quarter of 2010. With bank and Fannie Mae foreclosure listings continuing to grow in the area, analysts have stated that the decline in house prices is not surprising and most of them expect the trend to continue for some time.
Seattle home foreclosures and foreclosure numbers in other areas of the state continue to rise, including in the area of Whatcom County. The high number of foreclosed properties in Whatcom has been blamed for the county recording a 4.7% decline in home prices for the second quarter of the current year when compared with the 2009 second quarter.
Several factors have been cited by real estate analysts to account for the declining values of residential properties in the state, including the huge number of Washington home foreclosures, the overall poor condition of the nation's economy, oversupply of residences and the continued rise of unemployment rates.
Housing market statistics for the second quarter were taken from the all-transactions house price index of the Federal Housing Finance Agency, which also included data from Freddie Mac loan mortgages and Fannie Mae foreclosure listings used for house refinancing and purchases. The data also provide a look into developments within the area of repeat sales.
Local analysts have stated that the problem regarding the huge supplies of house foreclosures for sale and depressed prices of dwellings will not end until unemployment figures start to stabilize. They also explained that unemployment is partly to blame for the oversupply of houses for sale since job losses always affect buyer confidence in any industry.
Based on state housing reports, majority of counties and cities in Washington are suffering from declining prices of houses. One of the rare instances of a metro area posting a year-over-year appreciation in home values is Kennewick, which ranked sixth all over the U.S. in terms of residential property value appreciation.
Real estate observers have stated that properties under bank, government and Fannie Mae foreclosure listings will likely continue to rise in most areas of Washington state for the rest of 2010. Any improvement in the housing industry will depend on unemployment figures, they further added.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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