The Tri-City area continues to show growth and a below average foreclosure rate. Tricityherald.com reports that entering May 2008 there are only 300 notice of trustee sales up approximately 4% from 2007.
The healthy economy and a relative absence of sub-prime mortgages is helping the keep these forces away. Where some states and the national average are trying to leverage policies to improve the lending arena and help homeowners keep their houses, the state of Washington, in some areas, seems almost unaffected.
“(Sub-prime lending) hasn’t been as substantial in the state of Washington because housing prices have stayed more stable,” said Dee Taylor, director of the home ownership division for the Washington State Housing Finance Commission.**
The stable housing market, minimal sub-prime loans, less predatory lending, and a happy economy are all contributing to “business as usual” while other areas see neighborhoods riddled with foreclosures. Even for the people who may be facing foreclosure there are resources available.
When homeowners are facing foreclosure, housing counselors recommend getting help as soon as possible.
“We have to design a plan around them,” said Laurie Tufford, chief executive director of Consumer Credit Counseling Service in Kennewick. “It’s a lot of work. A 90-day process. They need to get to us as soon as possible.”
If homeowners can show they would be able to make payments if their loans were current, counselors can help negotiate with lenders. Otherwise, loss mitigation becomes the focus — selling the home to avoid having foreclosure on the homeowners’ credit record.**
The strength in the economy is critical to keeping the area healthy. Also important is addressing people and the loans that may be causing trouble. The avoidance of foreclosure is important for the neighborhood. Having a normal turn over on in the local housing market is critical to keep surrounding home value as high as possible.
It is interesting to see how our wonderful area is holding up. Sites such as http://www.foreclosure.com track these types of information. For a look at the Tri-Cities area look here: http://www.foreclosure.com/search/WA_005.html
** source: http://www.tri-cityherald.com/901/story/193808.html