Foreclosures in JPMorgan Chase, Other Foreclosure Data Released

by on Foreclosures

The HUD has published the report "2009 Seattle Metropolitan Area Housing Survey." The report is an analysis of housing supplies for the Seattle-Tacoma, Washington area, including foreclosures in JPMorgan Chase and other types of dwellings that can be found in the region.

Foreclosures in JPMorgan Chase, Other Foreclosure Data Released

The report is considered the most comprehensive since the HUD's 2004 housing stock analysis. According to housing market analysts, Tacoma bank foreclosures and other types of distressed residential properties comprise a significant percentage of housing stock in the region.

The report estimated that around 1.5 million residential units can be found in the counties of Snohomish, Pierce and King during 2009. Over 15% of these dwellings were reportedly built since 2000. The report also revealed that housing costs per month are higher in the region compared with national cost averages, with most industry observers stating that the high costs are partly due to the high number of bank foreclosures in Washington.

Bank foreclosed properties, including foreclosures in JPMorgan Chase, have been largely blamed by housing analysts for causing monthly households costs to rise in the past decade. According to the HUD report, over 1,450,000 residential properties can be found in Seattle in 2009, with 91% of these dwellings occupied by residents, while around 7.9% were vacant.

Along with the continuous increase in the number of foreclosure properties for sale, the recession and the expanding unemployment rate have been blamed by most economists for the rising cost of living in most parts of the U.S. In Seattle, it has been estimated that the monthly housing cost was around $1,320 for 2009 compared with the national average of $922.

Compared with nationwide numbers, the metro area was ranked at the 70th percentile in terms of housing costs. The HUD data also revealed that over 84% of houses in Seattle in 2009 were two-bedroom dwellings, while around 60% have at least three bedrooms. The survey report also showed that 99% of dwellings had at least one bathroom.

The HUD data was issued to help housing market analysts and economists assess the condition of the region's residential property market. It also helped analysts gauge how foreclosed properties, including foreclosures in JPMorgan Chase, affect the residential real estate industry of the metro area.