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Foreclosed Bank and FHA Homes for Sale Increased in Washington State

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By : John Cutts    99 or more times read
The number of foreclosures, including foreclosed FHA homes for sale, jumped higher in several areas of Washington State last year. Some of the state's metropolitan areas ranked high at the national level in terms of foreclosure rate in 2010. Analysts attributed the increase to the high unemployment rate in the region as well as in the whole country.

The number of Tacoma foreclosed homes is some of the highest in the whole country, with the city and the rest of Pierce County recording the highest rate of foreclosure for 2010 in the whole state. Along with Snohomish County, Pierce posted the most significant foreclosure numbers, with one household out of every 45 under some stage of foreclosure last year.

The ratio of foreclosure homes in Washington against non-foreclosed properties in some markets of the region is similar to the national rate, although it is still below areas like Nevada, Arizona, and Florida, which are traditionally known as the hotbeds of foreclosures in the whole country. However, numbers in the state, particularly in Snohomish and Pierce, have jumped considerably in the past year.

For the whole 2010, the area of Seattle-Tacoma-Bellevue ranked second nationwide in terms of percentage increase in foreclosure-related activities. The number of filings, foreclosed FHA homes for sale and distressed properties rose in the metropolitan area by 23% in 2010 compared with 2009 levels. Only Houston-Sugar Land-Baytown's foreclosure rate rose higher than the Tacoma area last year.

Lack of investors who buy foreclosure homes was part of the reason cited for the high foreclosure rates in these areas, but analysts stated that most of all, it is the unemployment level that is hurting the housing market. In Washington, the unemployment rate as of December 2010 was 9.3%, representing a 0.1% rise from the previous month and edging closer to the national unemployment level of 9.4%.

The state's legislature is reportedly considering a number of programs designed to control the rush of foreclosed banks and FHA homes for sale into the market, including a legislative bill that will require a dialog between lenders and borrowers before any foreclosure action is taken. For 2011, analysts mostly agree that the same housing market situation will prevail.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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