I used the 2008-2009 “Yellow Book” of Clark County.  I identified every entity under the heading “Mortgages.”  An entity is a business.  So, if a business had six offices, it was counted as one entity.

I called a phone number for every entity.  I counted 131 of them.  Of the 131 there were 55 still in existence.  That means that 42% no longer exist.

I found a number of name changes to another name already in the phone book.  That sounds like an acquisition or merger.  I found some had new names, but were still answering the phone.

Of course, calling numbers out of the existing phone book does not inform one of the new players in the market.  But, these statistics show the culling that has gone on in the residential mortgage market during the last year.

It’s been brutal.

Ralph K. Olsen

Pacific West Appraisal Services, Inc.

pwas.net

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The following graph shows the rate of foreclosure activity in Clark County Washington has taken a dramatic drop this summer.

The rate of foreclosures had hit a high in June of 486.  That is about  7.5 times the normal rate.  In July it dropped to 377, or under six times the normal rate.  And, now it dropped in August to 187, which is less than three times the normal rate.

This is very good news.  Even if this lower rate stays at this 150 to 200 range for a while, it is much lower than it has been.  Less foreclosure product is being pumped into the market place.

Although results are mixed, I still see many more areas of the county that show flat statistics (no upward or downward trend in values) than I see downward trends (which were prevalent for the last 18 to 24 months).  This coupled with the dropping rate of foreclosures should result in a strengthening market.  We’ll see.

Ralph K. Olsen

Pacific West Appraisal Services, Inc

pwas.net

Popularity: 40% [?]

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