The Advantages to Invest in Seattle Bank Foreclosures

by Simon Lindsay on cities

Seattle bank foreclosures have witnessed an increase in the rate in the last couple of years. Considered to be the largest city in Pacific Northwest, Seattle is also known as the Emerald City. It sits pretty overlooking the emerald bay as a stunning sunset brings the city of the space needle to a halt for a few micro seconds and then life gets on the move again.

Finding a dream home at a bargain price in Seattle is not difficult because it tops the list of Washington bank foreclosures. The counties of Snohomish and King have recorded almost 832 foreclosure filings in May 2007, which is 9.5% more than what it was in April 2007 and 76.6% higher than what it was exactly a year back. You can imagine the amount of foreclosure homes available for purchasing.

Seattle comes out with its own foreclosure listings, which are mostly available over the Internet. A city that has seen one filing per 1,176 homes this year in May is definitely below the national average. The cause of concern is that Seattle bank foreclosures are rising by the day. But like they say that life looks greener on the other side and the same is applicable as far as foreclosed homes are concerned.

Seattle saw an increase in the rate of filings by almost 15.8% so far this year as compared to May last year. The month of April 2007 saw the filing increase to one per 1,153 households and is expected to be on the rise. In such a market scenario, one of the best ways of finding a good home is through Seattle bank foreclosures. In a real estate market where the rates are skyrocketing, a foreclosure home is like a blessing in disguise because the investment cost is lower than even the market price of these homes.