Friday, August 15, 2008

Selling a Home Isn't An Option for Many In Vancouver

From the Columbian:

Across Clark County, 1,899 houses have entered foreclosure from January through July, more than three times the total 627 foreclosures filed during the same period in 2007.
A total of 315 foreclosures were filed in the county last month, up from 278 in June, said RealtyTrac, a California real estate data firm. Clark County’s July total was up more than 224 percent over the 97 foreclosures filed during the same month last year and accounted for 11.4 percent of the 2,762 foreclosures filed statewide. Washington had the 26th-highest foreclosure rate out of 50 states, reported RealtyTrac, which incorporates data filed during several stages of foreclosure.
One out of every 495 homes were in foreclosure here in July, compared with 1 in 977 households statewide and one out of 464 homes throughout the U.S.Nationwide, Nevada continued to post the highest foreclosure rates, with one in every 106 houses in foreclosure in July. One in every 182 properties received a foreclosure filing in California, which posted the nation’s second-highest foreclosure numbers.
Rising foreclosure rates have been fueled by slowing home sales, a tightening credit market and house-flipping speculators who were caught with unsold real estate.

Home prices in Vancouver are down 10% from their peak last year. Selling isn't a viable option for most people who purchased after December 2005.