Washington versus underwater mortgages

    The state of Washington is faring better than the national average in terms of the number of mortgages that are underwater. According to RealtyTrac, 17 percent of homes are underwater nationally, compared to 13 percent in the state of Washington. RealtyTrac began tracking these stats first quarter of 2012 and feel that these numbers indicate that homeowners are slowly recovering equity that they lost in the Great Recession. Although, for the approximately 9 million homeowners considered to be seriously underwater, a market with tempered year over year appreciation suggests that there is yet a long road ahead to equity.  Additionally, statewide sales data shows that each county is recovering at a different pace.  Specifically, Pierce County has over 53,000 mortgages that are underwater.  King County has over 55,o00 underwater mortgages, however it also has three times the inventory of Pierce County. For more information on the housing market, feel free to give us a call.

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