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Foreclosed and Repo Properties for Sale Rise in Some Washington Areas

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By : John Cutts    99 or more times read
The month of August saw surges in foreclosed property and repo properties for sale numbers in several counties of Washington, with Lewis, Clark and Snohomish among the areas with the highest increases. Analysts are expecting foreclosure rates to remain high in these areas for several more months.

The state is ranked 14th overall in the U.S. in terms of foreclosure rates, with Vancouver foreclosed homes, WA and distressed properties in several other local regions contributing to the state-wide number. One household out of every 414 in the state is in foreclosure, according to housing market data for August 2010.

The biggest percentage of foreclosed homes in Washington can be found in Lewis County, followed by Snohomish, with Clark County coming in third. Clark's foreclosures jumped to a total of 533 during the month, representing an 88% rise compared with August 2009. Compared with July 2010, the rise translates to a 10.6% surge.

Despite the seemingly high difference between August 2009 and August 2010 total foreclosure and repo properties for sale, housing analysts have stated that it is not as bad as it looks since statistics for August 2009 were not exact and were in fact, artificially lowered due to a program that was launched that month. The program invariably added a month to the process of foreclosure, local analysts have added.

However, most market observers admit that listings of foreclosure houses will likely continue to be at high levels in most areas of Washington until unemployment rates decrease and values of homes improve. Locally, Clark is expected to continue to suffer from large supplies of distressed properties. The county was ranked fourth in July 2010 in terms of foreclosure rate and has climbed up to third a month later among 39 counties located in Washington.

For August, one household out of every 305 in Clark County is in some phase of foreclosure or another. The rise of foreclosure rates in most counties is partly attributed by housing market analysts to the increased number of borrowers who have fallen out of the Home Affordable Modification Program (HAMP) launched by the federal government. They added that once the temporary relief provided by HAMP has worn off, foreclosed and repo properties for sale have again flooded the market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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