Bellevue Foreclosed Homes and the houses for sale have shown depreciation trends following the national mood. Bellevue is a small town with population of more than 122,000 residents, and around 36000 households. The average per capita income is high, ranked 15th in the more than 500 communities around Washington. Bellevue was named number 1 in CNN Money's list of the top places to live. The houses happen to be one of the high valued ones in Washington. Bellevue has called for a number of property auctions and government foreclosures in recent times. The recent trends of Bellevue, Washington are as follows:
Houses for Sale
Number: 637
Median Price: $625000
Price change from Feb: -2.2 %
Foreclosure Auctions
Number: 195
Median Price: $430,000
Price change from Feb: +1.9%
New Houses
Number: 12
Median Price: $850,000
Price change from Feb: 0%
The costs of houses for sale have seen 2.2 % decrement since February. The cost of foreclosures homes have remained the same since February. Also, not much change is seen in the price tags of new homes. This may be due to the surplus of foreclosure and property auctions.
In the context of the cost of foreclosed and houses for sale, it is imperative to look at the current mortgage rates in Bellevue, Washington. They are as follows:
15 year fixed
Current: 4.8
Change form last week: -.05
30 year fixed
Current: 5.09
Change form last week: -.113
1 year Arm
Current: 4.2
Change form last week: -.102
3/1 year Arm
Current: 4.2
Change form last week: -.093
5/1 year arm
Current: 4.4
Change form last week: -.105
Expectedly the mortgage rates are towing with the United States, trend of depreciation. This trend is most likely to be the same for many quarterlies to follow.
The number of foreclosed auctions and property auctions has gone up. A study shows that more than 47% of the real estate owners going for refinancing lose their ownership. Like other small towns, Bellevue's real estate growth has it roots in the 2003-2004, Fed rate of 1% which generated heaps of cheap money, inspiring the banker to find more customers. After the recent economic strife, many of these borrowers are now the victims of government foreclosures and houses for sale.
The present situation in Bellevue with growing number of foreclosed homes and houses for sale can be attributed to the following bare facts:
- Lower Federal Rate
- Sub-prime Loans
- 100% finance home loans
- Cheaper and frequent loans
- No requirement of a 20% initial down payment
Real estate listings in Bellevue can be a starting point in your hunt for foreclosure auctions, property auctions, real estates and homes. The few points to check before going for a deal: appraised worth of the home, legal verifications check on the mortgage history of the home. Bellevue has a mainly residential status. The increased number of foreclosure auctions and government foreclosure is a matter of concern. Being a small village, it has few economic entities.
