According to the latest report by RealtyTrac, national foreclosures are down 7 percent from the previous quarter and down 8 percent from the first quarter of 2014 to the lowest quarterly total since the first quarter of 2007. Right now, Seattle foreclosures are moving at roughly the same pace in the same direction. In March, the number of properties that received a foreclosure filing in Seattle was 7 percent lower than the previous month and 28 percent lower than the same time last year. It's a good sign that February's report of a foreclosure surge was likely a temporary blip.
"We continue to see a steep decline in foreclosure properties in Seattle," said OB Jacobi, president of Windermere Real Estate, covering the Seattle market. "As a result, many first time buyers who once looked to foreclosures as an affordable entry point into home ownership are being forced to buy in outlining areas where homes are less expensive or consider buying a condo or townhome."
According to RealtyTrac's data, the median sales price of a regular Seattle home was $407,450 in March. The median sales price of a foreclosure home was $260,000, or 36 percent lower. There are currently 1,368 properties in some stage of foreclosure.
South Seattle remains the area most affected by foreclosures, with zip codes representing neighborhoods such as Highline, Riverton, Rainier Beach, Des Moines and SeaTac. The area least affected by foreclosures where data was available is the zip code that includes Fremont, Wallingford, Phinney Ridge and Greenwood.
· First Quarter U.S. Foreclosure Activity Drops to Lowest Level in Eight Years Despite March Increase [RT]
· Seattle Real Estate Info [RT]
· Foreclosures Are Back With a Vengeance in Seattle [CS]