Foreclosed Homes Seattle: Seattle Foreclosures

The Seattle real estate market has shown continued strength compared to the rest of the nation, primarily due to the stability of its industries: aerospace and high tech. However, even Seattle has experienced a glut in the market of foreclosed homes, which has increased housing inventory and driven down prices. Many of the homes for sale are in the Central Area and in Columbia CIty, where development and townhouse growth fueled buyers to use risky financing choices. The Northgate area was also hard hit, but even affluent neighborhoods like Queen Anne and Magnolia have been listing homes for sale at great prices for investors. A number of homes were recently listed for sale on 10th West on Queen Anne, a neighborhood known for its home average turnover of 17 years. Homes devalued by 15% in 2008 provide a great market for buyers. WIth the first home buyer credit and other incentives from Fannie Mae, now is the time to act on these bargain priced homes.