Federal defenses, coupled with the white-hot home market, have covered up Washington’s seizures.
Even so, consultants trying to help homeowners avoid foreclosures say they are preparing for the end-of-year needs.
In the first quarter of this week, Washington ranked 42nd out of 50 states in terms of foreclosure rates, according to data released by ATTOM Data Solutions this week. One state owner was confiscated for every 10,086 households in the state, while one in every 1,770 items in Delaware had the highest foreclosure rate in the state.
At the national level, seizures have declined sharply since the epidemic began, largely due to ongoing moratoriums on certain seizures. Interest rates are starting to fall, probably due to the fact that some states have begun to allow confiscation of abandoned property.
Washington’s seizure rates were low even before the epidemic, Shargan said.
“The economy has been strong in the country. Housing Housing demand has been higher than supply, especially in the Seattle metro area. It tries to keep the numbers down, ”said Shargan. The state also has strong consumer protection laws.
Home buyers across western Washington want to buy, but inventory is scarce, creating a seller market where a Seattle homeowner at risk of foreclosure can sell their home and make a profit. This is a big difference from the Great Depression when homeowners were under water.
Even so, most people want to stay home, said Mark Cote, CEO of Parkview Services, a coastal commercial organization that provides housing advice to people at risk of losing their homes. “It’s wrong to think the market is hot, so we should not worry. No. These are people’s lives: ruined. “
Many landlords struggling with the epidemic have been able to tolerate it by allowing them to stop paying their mortgages.
According to a survey by the Association of Mortgage Bankers, about 5% of loans at the national level are patient.
In Washington, according to CoreLogic ացիայի Mortgage Bankers Association, estimates for the share of illicit loans vary, including patient loans, which range from 3.5% to% 5%. According to a U.S. Census Bureau survey, about 5% of households are defaulting on their mortgage payments, making up almost 111,000 households across the state.
In the wake of the Great Depression, state law allowed homeowners in Washington to receive free housing counseling and mediation in hopes of helping them avoid foreclosure. Homeowners in need of assistance can get a free consultation by calling 1-877-894-4663.
Kote said his organization is nearly tripling the number of housing consultants preparing for the end of the federal foreclosure moratorium. The blockade is scheduled to end on June 30, although some defenses may be extended.
“The low rate of foreclosures by Washington shows that the ‘federal moratorium և patient programs are very effective,'” said Denise Rodriguez, executive director of the Washington-based Center for Domestic Resources. “I am very worried about what will happen when these programs are over.”
Some borrowers will be able to get back on their regular mortgage payment or pay more each month to make up for lost time. Others may have trouble making the same payment as before. The exact extent of this need is still unknown.
Since many people are still unemployed after the epidemic, “what percentage of the patient population is not going to just stand back now, as if nothing had happened?” Rodriguez said.