Rare Kudos to Elizabeth Rhodes-Seattle Times Home Forum Article 10/1/06

It is a rare occurrence, but this week we tip our respective hats to Elizabeth Rhodes for an excellent, insightful response response to a reader’s question regarding “suicide loans” and the impact they may have on the market. The reader, as many people have inquired of us, wonders if there will be a bounty of foreclosed properties properties to choose from in light of the upward movement of adjustable mortgage interest rates and owners that fail to keep up, falling into foreclosure. Ms. Rhodes points out that the actual number of foreclosed properties is still quite small, especially in our healthy local market. Foreclosure takes months, allowing ample time to either refinance or sell. In slower markets, it is difficult to sell your way out of a problem, especially if falling values dictate sale prices that are less than what is owed. To review the entire article use the link:  http://seattletimes.nwsource.com/html/realestate/2003281774_homeforum01.html