A report this week issued by an Eastside Housing Coalition stated:
"I recently discovered that of the 114 houses on the market in Sammamish, 111 are in foreclosure. The houses in foreclosure are nearly 1% of the entire Sammamish housing stock. I don't have the statistics for Issaquah or other neighboring communities, but I do know there are a lot of people out of work who are running through their savings and starting to feel desperate." The context of this statement is that if no intervention is available many of these families could end up homeless. Problem is that the data is in error. Foreclosure is a problem but not at the level reported. As of this writing the numbers in Sammamish are as follows:
According to King County records there are 12,720 residential properties in the city of Sammamish. As of 3/23/2009 433 are presently for sale or in escrow. Of these 16 are bank owned which means they were acquired by the bank in a foreclosure sale or were transferred by the owner instead of a foreclosure. There are 42 properties that have a notice of pending foreclosure filed with King County records against them. This means that .00330% of the housing stock is in foreclosure. .0969% of the homes for sale are in foreclosure.
I am not sure where the data was generated in the statement from the housing coalition but it is always wise to check your sources. We all agree that foreclosure is a significant problem but it is not as large a problem as many people think. In negotiating a short sale for a client this morning I was pleased to learn that the bank I am dealing with has created a division entirely devoted to negotiating alternative options for borrowers to avoid foreclosure. The bank representative said that they are actively pursuing options to help people stay in their homes. If that is not an option they will work with the borrower to assist in a transition to helm them into alternative housing. If you are concerned about losing your home or if you know someone who is let us know. We can help. Refer to last weeks article regarding who is authorized by the Department of Financial Intuitions to assist in loan modifications and short sales in Washington.
by Brian Leavitt Northstone Real Estate, Inc.
Brian Serves clients within the Northwest Multiple Listing Service.
You can contact Brian directly by phone at 425-837-4700 or toll free at 800-806-3145 or by email at firstname.lastname@example.org
Brian is licensed by the Washington State Department of Licensing and the Washington State Department of Financial Institutions License number 510-MB-19802 and is a memberr of the Seattle King County Association of Realtors and Northwest Multiple Listing Service.