The Seattle Times published an article today that documents the rising number of foreclosures in Puget Sound.
The number of homes in some stage of the foreclosure process has doubled in King, Snohomish and Kitsap counties since 2006, according to RealtyTrac, a national foreclosure-information firm based in Southern California.
Pierce County has been hit particularly hard, with “one of every 457 homes . . . in the foreclosure process.”
A large number of foreclosures can have a devastating impact on Associations, particularly those with significant maintenance and repair needs and underfunded reserves.
Associations should pay attention to their receivables, and take action early and often to bring delinquent accounts current or otherwise identify accounts in trouble before the amount of the delinquency grows larger. Most associations have powerful collection tools that, if used appropriately, can protect associations from the worst of the current situation.
See The Seattle Times for the full article.