New Whatcom County Rates Reflecting National Foreclosure Trend
According to a new report from RealtyTrac, there was a decrease in Whatcom County home foreclosures last month — a trend that parallels what seems to be happening throughout the nation.
November saw 71 foreclosure filings in Whatcom County, a significant drop from earlier in 2009. Earlier this year, especially during spring and summer, foreclosures averaged 120 homes a month or more.
What’s leading to the decrease in foreclosures?
Several factors are helping to lower the number of families facing foreclosure. RealtyTrac CEO James Saccacio named loan modifications and other foreclosure prevention measures, as well as the extension and expansion of the homebuyer tax credit, as key players in keeping foreclosure numbers down. Still, he cautioned that the real estate industry is not out of the woods yet — until unemployment rates decrease and mortgage lending practices stabilize, foreclosures will remain a reality.
Whatcom County remains resilient
Despite challenges that we’ve seen in the housing market, we remain very fortunate in to live and work in Whatcom County — here’s how our foreclosure rates stack up against the rest of the country:
• Whatcom County: 1 household for every 1,219 received a foreclosure notice.
• Washington State: 1 household in foreclosure for every 835 homes.
• Nationwide: 1 household in foreclosure for every 417 homes.
If your home is at risk of foreclosure, don’t wait to get help!
If you’re at risk of foreclosure on your Bellingham, Fairhaven, Ferndale, Sudden Valley, Blaine, Birch Bay, Anacortes, or Mt. Vernon home, you need the expertise of a Pacific Northwest realtor you can trust.
My team and I can help you find the solution that’s right for you and your family. Don’t walk through this tough situation alone . . . there is assistance available! Go to my website for helpful foreclosure prevention resources, or simply give me a call at (360) 319-4939.
(photo credit: respres)