A recent article by the associated press has indicated that the Seattle-Tacoma-Bellevue region leads the nation in increase in foreclosure activity within the last year: Click Here for increase in Washington State Foreclosures.
There are several other states that have higher foreclosure and bankruptcy rates such as California, Arizona, Nevada and Florida, however these statistics show that the foreclosure crisis has finally reached the Seattle area in full swing. This trend is likely to continue as the economy recovers and debtors start fresh by filing for bankruptcy.
As an update to this article as of August 2014 bankruptcy and foreclosures have gone way down by as much as 20% over the previous year so it is safe to say that the Seattle area is on the mend and is continuously ranked as one of the top places for growth due to many people in the tech industry moving to town. Bankruptcies and foreclosures will unfortunately always be a part of life as people will always over extend themselves, be faced with medical debts they cannot pay, or face unemployment at one point or another. With that said from 2008-2013 bankruptcy numbers and foreclosures were at an all time high due to the mortgage crises which started the whole downward spiral where loans were given to people who simply could not afford to pay on them. i would like to think that we will never see another crises like this one in our life time, but whatever if the tech bubble in the Seattle burst and those at Amazon, Microsoft and many others were out of a job, the Seattle area would be in chaos if those people couldn’t pay their bills. I don’t see that happening but as we all know, nothing lasts forever and tech companies will need to evolve with the times to keep up.
If you have additional questions regarding the most recent foreclosure trends in the Seattle metro area please call Symmes Law Group at 206-682-7975.