According to the Washington Association of REALTORS

Washington home prices continue to increase, bucking national trends

OLYMPIA - Washington State continues to defy national trends trends in home prices, lending, and sales. Nationally home prices are down; sub-prime mortgages and foreclosures are up. But in Washington State, foreclosures and sub-prime lending occurred at lower rates than just about anywhere in the nation. Home appreciation in Washington also continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.

“The housing market in Washington State is strong. Demand for median-priced homes, in particular, continues to outstrip supply - and that’s pushing home prices up,” said Steve Francks, Washington Realtors Chief Executive Officer.

According to the Center for Real Estate Research (CRER) at Washington State University, home prices in Washington have increased an average of 8.1% since the same time last year. Many counties, however, have experienced price hikes much higher: Chelan 29.8%, Okanogan 24.5%, Douglas 22.2%, and Lewis 19.3%.

As of mid-June, sub-prime, adjustable-rate loans represented 20% of loans nationally, but just 6% of home loans in Washington. Of those mortgages, 5 % in Washington were delinquent, compared with 8.9% nationwide. The largest increase in foreclosure activity was in Nevada (166%); while the smallest increase was in Washington State (18%).

“In other words, “said Francks, “ours is a stable and responsible market place. “What we really should be asking is what can we do to provide more home choices so that people don’t have to consider risky loans in the first place?”.

Visit the Washington Association of REALTORS website to learn more