Washington Bank Repo Homes Blight The Region

Washington State hugs the Pacific Northwest coastline of USA. It has been named after George Washington and the residents are termed Washingtonians. Since 2000 there has been a steady increase in population showing that the region is prospering. But since the last couple of years the Washingtonians are harassed by Washington Bank Repo Homes that blight the region. Seattle is the largest city in Washington.

By Washington bank repo homes are meant those residential properties that have been repossessed by the lenders, mostly the banks, after running through the foreclosure process to realize their unrealized dues. Washington has not remained immune to the foreclosure crisis sweeping across the country with Seattle being one of the worst affected regions. The Washington bank repo homes are not selling but dotting the localities empty and vacant attracting crime and disease.

In Washington foreclosures can be both judicial as well as non-judicial. The majority of the loans being foreclosed upon are following the non-judicial process. In April 2009 the legislators of Washington State allotted $250,000 to help in bringing down the number of Washington bank repo homes. The money will go towards funding a non-profit group of legal personnel, mortgage agents and realtors to assist the borrowers to save their homes from becoming repo units. The group plans to open talks about modification and allied steps that can be taken to prevent further collapse of the housing market.

The piece of legislation was sponsored by State Senator Jean Berkey who is hopeful that workshops conducted by the group would go a long way in showing positive results. The head of Housing Finance Commission, Dee Taylor said that the group has been flooded with distressed calls. Some of the callers were victims of foreclosure scammers who fleeced them while making false promises about helping.

According to RealtyTrc there were 9,713 foreclosures in the first quarter of 2009 calculating to a rate of 1:283. It is higher than the national average of 1:159. Washington ranks 21st in the foreclosure rate race across the country.

King, Snohomish and Pierce counties have been worst hit by an increase in Washington bank repo homes – the numbers having tripled in the previous two years. The abandoned units are causing all round concern. The deserted bank repo homes mark the end of a chapter in American history when regulations were thrown to the winds and loans were doled out with checking credentials practically to anybody with a pulse.