The Olympian reports in today’s edition,
“County foreclosure rate highest in Washington
More local homeowners unable to pay their mortgages
All those low-interest and no-interest mortgage loans that helped fuel South Sounds hot housing market last year are coming back to haunt some homeowners.
Thurston County led the state in foreclosures as a percentage of households last year, according to Realty Trac, a Southern California company that tracks foreclosure data nationwide.
The companys data show:
One in every 61 mortgages, or 1.64 percent of Thurston Countys households, recorded a foreclosure last year, compared with one foreclosure for every 129 mortgages statewide, a rate of 0.77 percent.
Foreclosures in Thurston County increased nearly 8 percent last year, from 413 in 2005 to 446 in 2006…
South Sound real estate agents and mortgage lenders blame some of the increases on programs that enticed buyers into the market with mortgages that required no money down or allowed buyers to pay interest only for several years.”
WILL THE BUILDING BOOM IN YELM HOME DEVELOPMENTS ADD TO THE FORECLOSURE AMOUNTS?
WILL YELM HAVE ALOT OF FORECLOSED HOMES?