King County Foreclosure Auction Statistics for December 5th 2008
December 5th was one of the biggest days the foreclosure auction has seen in recent times in King County. After several dozen postponements there were a total of 203 properties left on the schedule for Friday morning’s foreclosure auction’s in Seattle and Bellevue.
Of those 203 properties:
- 11 were picked up by 3rd parties at the auction
- 51 reverted back to the bank
- 141 were cancelled/sale off
Since we started the week with over 300 properties on the list, there were aslo over 100 postponements granted as well.
We specialize in foreclosure auctions, short sales, REO/bank owned properties
Categories: Foreclosure Auction, Foreclosures, Marketplace Tags: Buy Distressed Real Estate, Foreclosure Auction, Foreclosures, King County Foreclosure Auction, sales stats
Will low interest rates bring buyers back to the table
Conforming 30 year fixed rates mortgage loans have dropped considerably this past week. Locally Citibank and Countrywide are offering a 30 year fixed conforming loan for 4.875% with a cost of 2.250% and 2.000% respectfully.
Will these never before seen interest rates prompt buyers back into buying again or will they sit on the sideline in hopes of obtaining the rumored 4.5% government subsidized rate when the new Obama administration takes office.
Below is a chart obtained from MSN Money detailing available rates, fees & points available in the greater Seattle-Tacoma area.
Loans shown are 30-yr. fixed conforming loans available in Seattle-Tacoma, Washington.
| Financial Institution | Base Rate | APR | Fees($) | Points | Lock | |
| Citibank | 4.875% | 5.111% | 809 | 2.250% | 60 days | |
| Countrywide | 4.875% | 5.114% | 1375 | 2.000% | 30 days | |
| Wells Fargo | 5.125% | 5.325% | 700 | 1.625% | 60 days | |
| Washington Mutual | 5.000% | 5.371% | 929 | 0.875% | 60 days | |
| Chase | 5.125% | 5.383% | 1464 | 2.125% | 60 days | |
| Countrywide | 5.250% | 5.402% | 1375 | 1.000% | 30 days | |
| Citibank | 5.125% | 5.480% | 809 | 1.000% | 60 days | |
| Bank of America | 5.250% | 5.484% | 1400 | 1.875% | 30 days | |
| Wells Fargo | 5.375% | 5.486% | 700 | 0.875% | 60 days | |
| Chase | 5.375% | 5.544% | 1464 | 1.125% | 60 days | |
| National City Mortgage | 5.375% | 5.606% | 1034 | 2.000% | 60 days | |
| Washington Mutual | 4.750% | 5.727% | 929 | 2.125% | 60 days | |
| National City Mortgage | 5.625% | 5.765% | 1034 | 1.000% | 60 days | |
| Wells Fargo | 5.750% | 5.782% | 700 | 0.000% | 60 days | |
| Washington Mutual | 5.500% | 5.793% | 929 | 0.000% | 60 days | |
| ss="s6">Chase | 5.750% | 5.818% | 1464 | 0.000% | 60 days | |
| GMAC Mortgage | 5.625% | 5.868% | 1225 | 2.000% | 60 days | |
| Citibank | 5.750% | 6.038% | 809 | 0.125% | 60 days | |
| National City Mortgage | 6.000% | 6.048% | 1034 | 0.000% | 60 days | |
| Quicken Loans | 6.125% | 6.275% | 1400 | 0.875% | 30 days | |
| Bank of America | 6.125% | 6.287% | 1400 | 1.000% | 30 days | |
| GMAC Mortgage | 6.125% | 6.291% | 1225 | 1.125% | 60 days | |
| Countrywide | 6.250% | 6.315% | 1375 | 0.000% | 30 days | |
| Quicken Loans | 6.500% | 6.568% | 1400 | 0.000% | 30 days | |
| Bank of America | 7.250% | 7.321% | 1400 | 0.000% | 30 days |
With rates this low, anyone looking to purchase a primary residence or investment property definitely needs to look to the foreclosure auction and short sales or REO/bank owned properties to get twice the financial benefits. By buying a distressed property you can pick up a new home at discounts of 20-45% under today’s market value. Combine that with never before seen low interest rates and you can increase your buying power dramatically.
