The Washington real estate market is a stable and an excellent investment that you get to live in. :)
Facts About Foreclosures
The foreclosure rates today are the same as they were 10 years ago.
Fewer than one percent of mortgages end in default in Washington state.
As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington.
The foreclosure rates today are the same as they were 10 years ago.
Fewer than one percent of mortgages end in default in Washington state.
As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington.
The Market is Strong
Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.
The Market is Stable
Home prices in Washington have increased an average of 8.1 percent since the same time last year. Many counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent; and Lewis 19.3. (WSU Center for Real Estate Research (CRER))
The demand for median-priced homes has never been greater.
Why Washington Is Different
The home market isn’t keeping pace with the growth of the state’s population, which is continuing to increase at 1.8 percent per year.
The state’s population will increase by nearly one million over the present decade and reach 6.8 million by 2010.
About two thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington. (Washington State Office of Financial Management)
What About Inventory?
The key to stability in the residential real estate market is balance, where balance is about a six month supply (or inventory) of homes available on the market at any given time.
Additional Source: National Association of Realtors, 2007
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