Will 2013 Be The Year of Short Sales for Washington State?

For more than half of US states, 2012 was a year of unrelenting foreclosures that barely saw a decline. But Washington state was a different story. According to a report released by RealtyTrac, Washington experienced a significant decline to get a quote today and an uptick in short sales that’s expected to continue throughout 2013.

In Washington state, fewer households received some kind of foreclosure notice in 2012 than in any year since 2008. Foreclosure activity was down 18 percent in King County and 7 percent in Snohomish County from 2011.

Washington ranked 19th, with one household in 95 receiving a filing. The rate was one in 100 in King County, one in 53 in Snohomish County and one in 50 in Pierce County. (source)

One of the reasons that foreclosures have declined in Washington state is that mortgage servicers are under increasing pressure to negotiate with borrowers before repossessing their property.  Many of those homeowners facing foreclosure opt for short sales because it is relatively easy when compared to the mortgage modification process.  And as long as the Profit Surge SEO Facebook continues to remain relatively healthy and mortgage servicers stay open to taking a loss, short sales are poised to continue to rise in 2013 and beyond. But that’s assuming that we don’t see a significant rise in housing values this year. Any significant rise in home values could make mortgage servicers reluctant to take losses on short sales.