Santa Barbara, CA (PRWEB) October 7, 2009
RealtyStore (http://www.realtystore.com), the nation's leading provider of foreclosure listings, released its August 2009 Foreclosure Report for the State of Washington.
RealtyStore.com recorded 4,521 notices of trustee sale (NTS) statewide in August of 2009, up 114% from 2,109 notices in August 2008. An auction notice, also known as a Notice of Trustee Sale (NTS) or Notice of Foreclosure Sale (NFS), is filed by the lending institution when a homeowner fails to rectify their default. This is the second stage of foreclosure where the lender formally records its intent to sell the property through a public auction.
Washington State's most embattled Counties year-to-date are Island County, Spokane County and Snohomish Counties - with 367%, 119% and 112% increases in NTS notices respectively over the last year.
On a month-to-month comparison, the increase in foreclosure notices is staggering. Island County recorded 209 notices in August 2009, compared to 14 NTS notices in August 2008. Franklin County recorded 140 NTS filings in August 2009, up from just 16 filed in August 2008. Clark, Skagit, Spokane, Thurston and Yakima had percentage increases in the triple digits.
"Recent bank closures in Washington State bring to the forefront the state's mortgage lender woes, making it a unique opportunity for foreclosure investors to purchase REO properties at a considerable discount." - said Tim Chin, CEO of RealtyStore.com.
Listings at RealtyStore.com reflect this trend, points out Tim Chin - "In Freeland, WA, a 3-bedroom, 2.5-bath home with an estimated market value of $314,000 is listed on our site at $199,900. That's over $100,000 below market value. In Spokane, WA, a 5-bedroom, 5,600 sq. ft. luxury home valued at $669,000 is selling for $459,900 - a difference of over $200,000, roughly a third of its value."
According to RealtyStore.com analysts, one out of every 10 mortgage borrowers in the U.S. is having trouble meeting their mortgage payments. This trend is now impacting the region. While the economic downturn took longer to impact Washington State, the region seems to be equally slow in recovering. This is bad news to banks and homeowners. However, this simultaneously translates into a time of opportunity for new home-buyers - especially first-time home-buyers - who are seeing, perhaps for the first time in years, the opportunity to own their own home.
About RealtyStore.com: Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com.