Seattle Bank Repo Homes in Washington State Causing Concern

Seattle is a busy city in Washington State situated in the northwestern corner of USA in King County. Seattle Bank Repo Homes are causing concern but to understand it a little homework about Seattle is necessary. It is the largest city in Pacific North West coast. Seattle is an important seaport and the hub of a culture of education. For 4,000 year this region has been occupied by humans with stories of ups and downs.

In modern times the lumber industry brought about the first boom in Seattle – the area being rich in natural resources. Seattle has always risen to the occasion when times were bad and this time it is hoped that Seattle will not fail to tackle the foreclosure bull by the horns and tame it. The second boom came with the Gold Rush followed by another bust of 1893. The period following World War II was one of gloom for Seattle as for the rest of the country. It recovered but then, as is typical of capitalism, there was another cycle of downturn during the 60’s and 70’s. From the 80’s prosperity began to return and with it there was a huge influx of new residents and population increases. Real estate in Seattle became the costliest in USA. The stage was all set for the housing bust that followed.

Some of the worst hit counties are King, Pierce and Snohomish with foreclosures having risen three fold in April 2009 from what it was two years ago. There are signs of empty bank repo homes everywhere marked out with tall grass, piles of newspapers and fliers on door knobs. Groups have been formed to tackle the nuisance that blight entire neighbourhoods. Four years previously new subdivisions were full of the sounds of children playing but now an eerie silence has descended. In the Lakeland region one out of every 13 residential units is in foreclosure. Those who are still clinging on to their houses are at grave risk of also losing their homes. Some are trying to talk with banks while others are just walking away. In the counties of King, Pierce and Snohomish about 6.300 homes have gone into foreclosure since the first three months of this year. It has risen by three times in comparison to two years ago. Foreclosures are concentrated in some places but it is reaching out to all parts cutting across economic barriers.