A sign of the Times…
The Seattle Times published an article about foreclosure numbers in Puget Sound counties last weekend, which inspired my research on numbers specific to Bainbridge Island.
In 2007 Bainbridge Island residents received 14 foreclosure notices through October; with only 15 properties receiving foreclosure notices in all of 2007. The number of foreclosure notices on Bainbridge Island for 2008 (through October) is already 54…what will the last two months of the year add to that total? It will be interesting to see if and how the government encourages banks and lenders to renegotiate troubled homeowners.
Conforming Jumbo Loans…
As of January 1, 2009, the conforming loan limit for all of Kitsap County reverts to $417,000. At this time Bainbridge Island (and all of Kitsap County) have the benefit of the Agency or Conforming Jumbo Loans up to $475,000. This higher loan limit has made it easier for buyers to get financing on higher priced homes (loans up to $475k). Lenders are phasing the Agency or Conforming Jumbo Loans out so that by 2009 there will be no Agency Jumbo available in Kitsap County.
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