Foreclosures Filings Dropping Dramatically

by Coldwell Banker Evergreen Olympic Realty, Inc. on August 19, 2009

Foreclosure filings in Thurston County have dropped significantly over the past several weeks, averaging just over 13 filings per week since July 25th. This is the lowest rate we’ve seen since last year. Prior to this drop off, filings, known as Notice of Trustee’s Sales, had averaged nearly 40 per week since early this year.

Click image to enlarge.

This dramatic drop in rate may not last long. The biggest set of adjustable rate subprime mortgages originated in our market happened from summer of 2005 through 2006. The majority of those loans came with low rates fixed for 3 years. The last wave of those loans will reset at much higher rates over the next few months.

For interesting related story on the national foreclosure picture visit:

Statistics compiled by Coldwell Banker Evergreen Olympic Realty, Inc. from the NWMLS database. Statistics not compiled or published by NWMLS.

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