Metro Seattle Struggling with Foreclosures

Foreclosures are skyrocketing in metropolitan Seattle, where some areas have seen figures triple as compared to recent years.

"One out of every 13 homes has entered foreclosure since 2006 in the Lakeland neighborhoods of Verona, Verona North and Verona South, most in the past year. Some homeowners will sell their property at a loss, others will renegotiate their mortgage and some may walk away, letting the bank take over."

"...In King, Pierce and Snohomish counties, nearly 6,300 homes received a foreclosure notice in the last three months - a threefold increase from just two years ago.

Pierce County and South King County saw the most foreclosures. But the problem reaches across all types of neighborhoods, from old, inner-city homes in Tacoma and Everett to newer suburban developments from Puyallup to Marysville, according to a Seattle Times analysis of data from ForeclosurePoint, a company that tracks distressed properties.

North Seattle and the Eastside are relatively unscathed, so far."

Full Story: Local foreclosures soar threefold in two years


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