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WASHINGTON PROPERTY SOLUTIONS
SHORT SALE STATISTICS REPORT
4th QTR 2013
Puget Sound Distressed Property Sales Declined in 2013
Market Returning To Pre-Crisis Levels
Distressed properties made up a much smaller portion of overall Puget Sound home sales in 2013 as compared to 2012, according to a new report released today by Washington Property Solutions, a real estate firm specializing in short sales. While sales in the 4th quarter of 2013 increased slightly over the previous quarter, the overall trend continued to decline.
“Short sales are returning to pre-crisis levels,” said Richard Eastern, CEO of Washington Property Solutions. “Rather than bad loans, the catalyst for most short sales we saw this past year were common hardships, such as divorce, serious illness, loss of work or job relocation.”
The subprime mortgage crisis led to a sharp increase in distressed property sales starting in 2009 as homeowners found themselves unable to pay their mortgages. After peaking in early 2012, distressed property sales have steadily declined. Most of the homeowners affected by the crisis have already worked through a resolution, which included short sale or foreclosure. Changes in lending practices have also added to the decline by decreasing the chances that new borrowers will lose their home.
For information about distressed property statistics, contact Richard Eastern at (206) 612-5541 or firstname.lastname@example.org.
About Washington Property Solutions
Washington Property Solutions is a real estate firm specializing in short sales based in Bellevue, Washington. Founded in 2003, the company has helped brokers and homeowners successfully negotiate over 1200 short sales with a 90% success rate in closing. Washington Property Solutions also consults with homeowners on qualification for the Home Affordable Foreclosure Alternatives (HAFA) process and the Washington State Mortgage Foreclosure Fairness Act (FFA). Washington Property Solutions negotiators are licensed Windermere Real Estate brokers.
Washington Property Solutions
Windermere Real Estate /East Inc.
11100 Main Street, Suite 200, Bellevue, WA 98004