Marketplace

Foreclosure Heat Map Accross the USA

Foreclosure Heat Map

This heat map, provided by RealtyTrac, shows the hot spots for foreclosure filings in the USA for calendar year 2008.  A quick look at the data and you can easily see that there was not really any significant region that went unscathed as the housing market nosed dived.

King County Foreclosure Auction Sales Statistics for July 10th 2009

Below are the sales results from the King County Foreclosure Auction on July 10th 2009.

King County Foreclosure Auction Sales Statistics

Low Prices on Foreclosures Incite Bidding Wars Among Would Be Buyers

The Seattle Times just published an article this morning on the bidding wars that are erupting between potential buyers for foreclosure and bank owned properties in several areas around the country.  Most of the frenzy is taking place in the hardest hit ares for foreclosures such as Phoenix, Las Vegas, Southern California and South Florida.

Investors, flush with cash to spend are flocking to pick up newer built homes in the lower prices neighborhoods popular with first time home-buyers and those with families.    Prices on these foreclosed properties are in many cases over 50% less than their peak prices of 2006 and 2007.

With all the attention being paid to these foreclosures, many first-time home buyers in these markets are finding it hard to compete and are making offer after offer in an attemp to land their first home.

While the Seattle foreclosure market has not had the sheer numbers that other major markets have had in terms of total foreclosures and existing inventory, it is still a lucrative market for both investors and those looking for a terrific deal on their next home.  Most of the properties sold to a third party at the foreclosure auction recently have been sold in the range of 65-75 cents on the dollar of todays already discounted prices.  For investors, it is now common to see several homes available each week at the foreclosure auction that would be cash flow neutral or slightly cash flow postive with a 20% down payment from the buyer and typical financing terms for the balance.  Two years ago, that was virtually unheard of in King County.  Now is the time to strike if you are looking to pick up a great investment property or personal residence drastically under market value.

June Housing Stats Say Buyers are Coming Back!

The most recent report on area home sales offered good news to Puget Sound’s homeowners and a bit of hope that buyers are slowly jumping off the fence and writing offers and closing deals.

In June 2009 the number of closed sales on single family homes was up 4 percent over the same month in 2008.  June’s sales totals marked the first year-over-year increase since the market peak of 2007.

One area to see a dramatic rise in the number of closed sales was the east King County neighborhoods of Juanita-Woodinville-Duvall which saw a 31 percent increase in the number of sales over the same time period last year.  And the numbers show that buyers are not just 1st timers jumping into the market to capture the federal $8,000 tax credit that is set to expire in November.  According to the NWMLS, sales in what is considered the most affordable areas of King County, the Southwest and Southeast actually declined while sales in traditional upper middle income neighborhoods in Seattle and on the Eastside actually saw the uptick in activity.

While it is too early to say if there is a trend developing, any increase in buyer activity is welcomed.

Short Video on the benefits or working with Real Estate Investment Firm on your next short sale

When your looking for the most experienced and knowledgeable short sale and distressed property consultants look no further than Real Estate Investment Firm.  To learn more, you are welcome to attend one of their free workshops on “how to buy foreclosures” held weekly at their downtown Redmond office.

REIF Launches New Online Foreclosure Tracking Platform

Real Estate Investment Firm, LLC anounced Thursday July 2nd 2009 the launch of their new online platform for real-time status tracking of foreclosure auction or trustee sales sales in King, Pierce and Snohomish Counties. 

The website, buyWAforeclosures.com, also provides clients with detailed property information, photographs, property condition reports, lien and judgement reports as well as direct to property links to various county and 3rd party web sites such as zillow.com and google maps.

Access to the site is restricted to members or clients of Real Estate Investment Firm.  For information on becoming a member please visit Real Estate Investment Firm and register to attend one of their weekly foreclosure training workshops on how to buy foreclosures.  At the conclusion of the workshop attendees will be given a username and password to access the site.  Worshops are held every Tuesday at 5:30pm in their downtown Redmond, WA office.

How to buy foreclosures, bank owned and short sale properties

Buying or investing in properties that are in the foreclosure process is your wealth building opportunity!

Did you know that NOW is the best time to invest in foreclosure properties?

Many people are interested in investing in properties that are in the foreclosure process, but are unsure of the steps to take to get started. 

 The market conditions of today have converged to create a “Perfect Storm” of opportunity for the savvy real estate buyer or investor.  The opportunity is there to purchase your next property at discounts of 20-50% under today’s market value.  Never again will the same market conditions exist that precipitated our current liquidity crisis, stock market crash and subprime mortgage meltdown.  The opportunity to take advantage of this unprecidented market is now!  If you are qualified, committed and motivated we will provide you with an inventory of efficient and profitable assets to meet your short and long term financial objectives.

Come and learn how to “Never Pay Retail” again and purchase real estate at 50-80 cents on the Dollar!

Some of what we will cover in the workshop

• The foreclosure process and timeline
• Recent sales data and market statistics for the region
• Foreclosure trends and market analysis
• Lien priority in Washington State
• Investment Strategies to maximize your return on investment (ROI)
• The importance of establishing an exit strategy before you buy!

  

Foreclosures Surge in March

A recent article on MSN Money describes the surge last month in foreclosure activity around the country.  March 2009 saw a 46% increase over March 2008. 

Much of the increase is attributed to lenders lifting temporary moratoriums and resuming legal actions against delinquent mortgage holders.

To read the full article click here

Locally, the total number of properties in some stage of foreclosure has been steadily increasing the past several months.  Currently in King, Snohomish & Pierce county there are a total of 7,877 homes in foreclosure.

Exciting News for Real Estate Investors

 To learn more about Fannie Mae’s new guidlines you can contact Shane Pierard with Cobalt Mortgage.