Tagged: foreclosures

It's a drawn out, frustrating process, but if you're willing to put in the time,  buying a home from a bank can save you a lot of money. Seattle-area real estate appraiser Richard Hagar tells KPLU's John Maynard that while it is mostly investors who seek out these properties, average home buyers can score great deals, too

Starting tomorrow, struggling homeowners in Washington have new rights. 

The Foreclosure Fairness Act signed into law in April is designed to prevent unnecessary foreclosures primarily by requiring banks to take part in mediation if borrowers ask for it and doubling the number of housing counselors.

Despite the massive fraud that has emerged as the U.S. tries to dig itself out of the foreclosure mess at the heart of the great recession, there are still huge numbers of honest folks working in the real estate business. 

That's according to professional appraisers in Washington state, dozens of whom have signed an on-line petition. 

They're asking Congress and the Federal Reserve Board to put the integrity back into the Truth in Lending Act -- and keep hundreds of them nationwide from going out of business. 

Emergency measures in a new law go into effect immediately, creating the infrastructure needed to get more housing counselors working with banks and preventing people from losing their homes.

The aim is to require lenders to meet with borrowers in person and try to work out a deal before they take back their properties.  Among the remedies included in the law known as the " Foreclosure Fairness Act":

In the past month, the Seattle area's foreclosure rate has soared to new heights - it's now higher than the national average. One out of every 476 homes has a foreclosure filing, compared with one in every 497 nationally, according to a new report by RealtyTrac, a foreclosure information firm.

The hike bumped the area's national ranking up to 62nd-highest out of 206 areas with more than 200,000 people.  Last year, it ranked 84th. It's a long way from having the worst foreclosures in the nation, though.  Here's some perspective on where Metropolitan Seattle sits compared to foreclosure filings in other areas:

Update Feb. 10, 2011 - The correct percentage of area mortgage holders "underwater" - as reported by Zillow.com - is 34.3%, not of all homeowners. This post has been updated to clarify that point.

Do you owe more on your mortgage than your house is worth? You’re not alone. One-third of homeowners in King, Pierce and Snohomish counties are “underwater” on their homes. "Negative equity" rose faster in this region than anywhere else in the country.

Idaho’s Tamarack Resort is once again alive with skiers and snowboarders. But the happy scene didn’t come easy.

Tamarack is one of the most glaring casualties in the region from the bursting of the real estate bubble. Homeowners at the bankrupt resort are bootstrapping the once heralded ski area back into business.

There'll be a lot of buzz today about the latest poll on the Senate race between Dino Rossi and incumbent Patty Murray.  The KCTS 9 - KPLU - Washington Poll shows a narrowing lead for Murray, from 8% two weeks ago to 4.3% this week. Still, among likely voters, Murray is up 6%. It all points to a race that might not be decided election night, and perhaps for weeks to come.