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» Washington Virginia rank: 23 rank: 48 90+ Day Delinquency Rate Foreclosure Rate March 2013 2.4% Unemployment Rate 1.0% 5.3% 90+ Day Delinquency Rate Foreclosure Rate March 2013 3.3% 2.7% 1.7% 5.9% 5.1% 1.8% 8.4% year-over-year change year-over-year change 6.5% 7.3% year ago year ago 2.2% Unemployment Rate -42.7% -10.2% -34.1% 49.1% Top County Top County Cumberland CounTy Grays Harbor CounTy -13.1% 90+ Day Delinquency Rate Foreclosure Rate 90+ Day Delinquency Rate 3.9% 3.2% 4.0% 4.1% year ago year ago 3.9% 1.9% 5.7% 72.6% Top Core-based Statistical area WaShingTon-arlingTon-alexandria, dC-Va-md-WV 90+ Day Foreclosure Delinquency Rate Rate March 2013 3.0% 2.6% year-over-year change year-over-year change 1.2% 2.2% -29.5% 58.8% Top Core-based statistical area aberdeen, Wa 90+ Day Delinquency Rate 4.0% 4.1% year ago 1.5% 5.7% 2.6% year-over-year change year-over-year change 88.6% Foreclosure Rate March 2013 year ago 1.6% Foreclosure Rate March 2013 March 2013 43.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. IN THE NEWS Freddie Mac Offers Free Financial Training Online Freddie Mac announced the offering of a free, online CreditSmart tutorial to provide working families and new or inexperienced borrowers with basic information about building savings, personal credit, and making wise financial choices. CreditSmart is a comprehensive financial education curriculum that has reached more than three million consumers in 44 states through lenders, churches, schools, and nonprofit organizations, according to the McLean, Virginia-based GSE. The online tutorial offers individual modules on banking, budgeting household income, building personal savings and credit, understanding credit scores, avoiding credit traps, getting a mortgage, and closing a loan—all topics to benefit future borrowers. For current homeowners, the tutorial includes modules tailored to help avoid foreclosure, maintain a home, and succeed as long-term homeowners. -29.5% 58.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. Washington Marliss Gruver The Marliss Gruver Group RE/MAX Four Seasons 24 Hour Occupancy Checks, Cash for Keys, Property Preservation, Maintenance and Repairs, BPO's, Full Marketing Campaigns ABR, GRI, CRS, CDPE Direct: 360.790.6900 Office: 360.357.3336 marliss@marlissgruver.com 2010 #2 WA RE/MAX Agent, (closed transactions) 2011 #3 WA RE/MAX Agent, (closed transactions) IN THE NEWS Zillow: Home Price Growth Moderates in Q1 After "months of robust and largely unsustainable annual home value appreciation," the national housing market finally showed signs of moderation in this year's first quarter, Seattlebased Zillow reported. Zillow's Home Value Index (HVI) rose to $157,600 at the end of Q1, up 0.5 percent from VISIT US ONLINE @ DSNEWS.COM Q 4 2012 and up 5.1 percent compared to the same period last year. Quarterly home value appreciation in the fourth quarter of last year was 2.1 percent—indicating the market is slowing down to a more sustainable pace, says Zillow chief economist Dr. Stan Humphries. "The national housing market has rebounded strongly over the past year. But the sometimes-dramatic home value run-ups experienced during these months were never expected to be sustainable, and recent slowdowns are indicative of a market that is slowly finding its natural level," Humphries said. Not all markets saw a slowdown in growth, however. According to Zillow, five metros tracked by the company experienced year-over-year appreciation of more than 20 percent: Phoenix (+24 percent); Las Vegas (+22.3 percent); San Jose (+22.1 percent); San Francisco (+21.4 percent); and Sacramento (+20.1 percent). Seven of the top 30 metros covered by Zillow saw a decline in home values last quarter, "[f]urther underscoring the unevenness of the recovery," the company said. The New York metro posted a decline of 0.3 percent after three straight quarters of positive growth, while the Chicago area experienced depreciation of 1.4 percent after a flat fourth quarter in 2012. In the rental market, national rents rose 0.9 percent quarter-over-quarter and were 4.9 percent higher than in Q1 2012. Zillow's national Rent Index stood at $1,290 as of March 31. Zillow also reported an increase in foreclosure rates, with 5.11 out of every 10,000 homes nationwide lost to foreclosure in the first quarter, up from 1.3 homes out of every 10,000 in the previous quarter and 2.4 homes a year earlier. Zillow explained the rise is "likely because of a seasonal acceleration after the traditionally slow holiday period." According to Zillow's research, housing markets can expect annual home value appreciation of roughly 3 percent, historically speaking. Looking ahead, the company's Home Value Forecast shows national home values rising 3.2 percent through March 2014, an annual appreciation rate more in line with historic norms. "Looking forward, we expect annual home value appreciation to continue to slow, as more inventory comes up for sale," Humphries said. "But pockets of very rapid appreciation will remain, a troubling sign of volatility and a potential future headache as affordability is compromised and homes begin to look much more expensive to average buyers. This affordability issue may become acute in many markets in a couple years once mortgage rates begin to return again to normal levels." 109

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