Rich | Shared With: Everyone - Oct 08 2009 | the, seattle, news, housing, real estate, seattle real estate, finance, mortgage
Sales figures dropped about 10% in the Seattle-Tacoma-Bellevue metro area in August compared to July of this year.
Worrying is the number of FHA loans being used. With a minimum down of 3.5%, these have a higher default rate than other types of mortgages.
Quoted: Adjustable rate mortgages (ARMs) accounted for 4.8% of the region’s purchase mortgages in August, up from 4.4% in July, while Federal Housing Administration (FHA) loans accounted for 37.6% of all purchase mortgages.
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