Currently the foreclosure rate in King county is 1 out of every 938 housing units is in some state of foreclosure (as reported by realtytrac).

If that sounds high consider this for some perspective...In San Joaquin County California, the foreclosure rate is 1 out of every 64 housing units.


So what has the current foreclosure situation done for the Seattle real estate market? It has created incredible value for one thing.

Take for instance this condo in Kent that you can own for $505 a month. Or this brand new home in Maple Valley that is available with no money down and mortgage payments of only $1356 a month. Although these particular homes are not distressed sales or foreclosures, the overall impact of other homes foreclosing creates a downward pressure on prices.   

Many people are jumping on these opportunities, as sales of existing homes rose 6.5% from November to December. Remember, once these deals are gone, they're gone. This is one of those once in a lifetime real estate markets where prices and interest rates are simultaneously low.

Take a look below to see the Top 10 States by Foreclosure Filings in 2008:

 

State                   Filings        Per Household*

California              260,709         2.27%
Florida                 107,833         1.71%
Texas                  70,037          1.17%
Arizona                65,898          3.47%
Michigan              62,419          2.09%
Georgia                53,423          2.55%
Ohio                    47,544          1.22%
Nevada                37,043          4.99%
Colorado              30,132          1.96%
Illinois                  27,957          0.74%

* Percentage of every 1,000 households in state