Even with the strong economy, low unemployment, and rising home prices, there are homeowners in Washington State that are going through foreclosure every day.
Struggling to pay your mortgage and looking for help?
We wrote two weeks ago, at the end of February, about why we shouldn’t get our hopes up too much about any significant upturns in home prices. Rising inventory, increased costs of home ownership, fewer buyers looking, and the particular economic challenges to new home-buyers will all combine to dampen any gains in real estate values.
We’ve been hearing so many predictions about housing prices this past fall. Home prices have been on the rise this year. Some analysts take that to mean that the recession is over and recovery has started. But there are signs that real and sustained recovery of home prices may be a long way away.
This homeowner was able to avoid foreclosure on her Seattle condo by getting her lender to approve a short sale. Find out how in this Green Tree Case Study.
Property Location: Seattle, WA - King County
1st Lender: Green Tree
Robert Shiller, the Sterling Professor of Economics at Yale University, published an interesting analysis of the state of the housing market in the New York Times this past weekend. Shiller is the co-developer of the S. & P./Case-Shiller Composite-10 Home Price Index, an index which tracks repeat home sales over time to show how home prices have risen and fallen.
The negative equity rate dropped nationwide in the second quarter of 2013, according to a report released last week by online real estate company Zillow. This is the fifth consecutive quarter that the negative equity rate has dropped, which is good news. However, the bad news is that 23.8% of all homeowners with a mortgage have negative equity in their home. In other words, more than 12 million American homeowners are underwater on their mortgages.