In amongst the worries and woes of the existing mortgage crisis, I have heard murmurs and rumors about our local real estate losing value. Please let me reiterate, for those of you I have not currently lectured, about the basic facts of supply and demand. We have a very strong market in this area, mostly for the reasons that constitute a normal increase in the average home price. We have increased movement into the area, we have a strong job market, and of course, we have only so much land to go around. If you doubt this at all, step outside and look around. To the west you will find water, to the north and east you will find mountains and to the south you will find Oregon. There really is only so much land to go around. Seattle is mostly surrounded by water.
That being said, of course, we are finding a softening in the price ranges from 500-900K. That means simply that sellers are going to have to make more concessions to facilitate the sale of their home. That is it. It does not mean much more than that. The majority of this is coming from sellers who originally purchased more home than they could afford and now are having to make some cutbacks in their lifestyle. This is about the worst of what we are going to see as far as national ramifications of the current mortgage mess. That and not being able to get the loans we were once able to come by rather easily.
In these uncertain times, it truly is necessary to get back to basics. Clean up your credit, Save for a rainy day. Create Passive Income. All of the things we were supposed to being the whole time. Why? Because, I can tell you to be sure, in the coming markets. Those who are set up to make investments are going to be the ones to benefit. Who said, "Fortune favors the prepared."? Whoever it was, has been thru something like our existing market. If you have questions about your next step, please call me. I am here to help!
Listed below are the latest top foreclosure zip codes in the US. As you can see, not one is from the state of Washington.
500 Top foreclosure zip codes
June 19 2007: 3:56 PM EDT
NEW YORK (CNNMoney.com) -- The most foreclosure activity is clustered in two area; old Rust-Belt areas and new Sun-Belt ones. More than a quarter of all leading foreclosure zip codes are in California but many of the worst-hit zip codes are in the Midwest. Ohio has 49 zip codes in the top 500, trailing only California and Florida, which has 72. Michigan has 34, including four in the top 10. All of them are within Detroit city limits.
Foreclosures: Hardest hit zip codes
Zip Code,City,State,Default Notices,Auction Notices,Bank Repossessions,Total Foreclosure Filings
44105,Cleveland,OH,140,184,459,783
30310,Atlanta,GA,1,349,359,709
80219,Denver,CO,8,657,40,705
48228,Detroit,MI,160,491,28,679
48205,Detroit,MI,164,425,45,634
95823,Sacramento,CA,450,41,143,634
48224,Detroit,MI,139,421,23,583
89031,North Las Vegas,NV,348,127,100,575
80239,Denver,CO,5,523,25,553
48219,Detroit,MI,124,400,25,549
44112,Cleveland,OH,71,186,288,545
48227,Detroit,MI,126,385,30,541
95828,Sacramento,CA,372,46,113,531
60628,Chicago,IL,409,46,69,524
92336,Fontana,CA,380,74,55,509
46201,Indianapolis,IN,334,56,100,490
48235,Detroit,MI,116,356,17,489
89131,as Vegas,NV,283,100,105,488
33160,North Miami Beach,FL,421,37,22,480
44108,Cleveland,OH,97,115,261,473
44120,Cleveland,OH,80,124,261,465
92563,Murrieta,CA,320,105,40,465
Now, if you have any relatives or friends in the Midwest. I want you to call them and see if they are financially ok. These statistics are pretty scary.
All the best!
Marya Noyes
206-686-5363
