This mornings Times article reported the profit/loss of homes sold in the last three months of 2008- pretty interesting!
-Homes purchased in January, February and March 2007, averaged a $100,000 loss for those sold in the 4th quarter of 2008.
-Homes purchased in early 2000, appreciated about $200,000 if they sold at the end of last year.
They also talked a bit about short sales and foreclosures:
-In the Seattle-Tacoma- Bellevue area, 11.5% of all transactions last year were foreclosures.
-More than 10% of all transactions during 2008 were short sales, in which lenders accepted less than what was owed on a home to avoid foreclosure.
-20% of all Seattle homeowners are “underwater,” owing the bank more than their home’s current valueespecially those who bought in 2007.
