Tagged: foreclosures

Even as home prices have been rising in the Seattle metro area, more people are losing their homes to foreclosure.

The number of people in the Seattle-Tacoma-Bellevue metro area who lost their homes to foreclosure in March jumped 67 percent from a year ago. Statewide, the number was even higher – 88 percent. That's according to new numbers from RealtyTrac, the foreclosure-data company.

Are abandoned, dilapidated houses a problem in your neighborhood? They are in Auburn, and that city’s mayor isn’t putting up with it.

Mayor Pete Lewis has been taking photos of abandoned houses owned by far-flung banks and publishing them with the bank’s information on a “Wall of Shame” website. And that's only the tip of the iceberg when it comes to the city's efforts.

Home prices have dropped almost 30 percent from their peak in Seattle, but there are still a lot of people who can’t afford to buy a home in the city. Now, a new program is tackling that problem by converting foreclosed homes into affordable housing.

Under the program, you could buy a house for $85,000 less than what it’s worth - if you make below a certain income threshold.

A report from a consumer group released today says that vulnerable owners are losing their homes for owing as little as $400 in back taxes.

The AP reports:

"Outdated state laws allow big banks and other investors to reap windfall profits by buying the houses for a pittance and reselling them, the National Consumer Law Center said in a report being released Tuesday.

It's a drawn out, frustrating process, but if you're willing to put in the time,  buying a home from a bank can save you a lot of money. Seattle-area real estate appraiser Richard Hagar tells KPLU's John Maynard that while it is mostly investors who seek out these properties, average home buyers can score great deals, too

Starting tomorrow, struggling homeowners in Washington have new rights. 

The Foreclosure Fairness Act signed into law in April is designed to prevent unnecessary foreclosures primarily by requiring banks to take part in mediation if borrowers ask for it and doubling the number of housing counselors.