A foreclosed homes specialist has earmarked the Seattle area of the US as a prime property investment spot thanks to “positive key market indicators”.
Default Research said King, Pierce and Snohomish counties within the state saw notice of trustee sales increase to 3,379 in the second quarter of 2008, up from 2,743 in the first quarter. The three hardest hit cities in the region were Tacoma with 464 foreclosures, Seattle with 412, and Puyallap with 191.
Serdar Bankaci, founder of Default Research, said:
“There are a few markets in this tough economy that continue to be solid areas to invest, and Seattle is one.
“Key market indicators are positive with a marginal increase in median home sale prices and a decline in inventories in the past month. If I had a choice of national regions in which to invest, this would be it.”
He added property investors looking to make profit quickly should buy properties at reduced rates and immediately rent them.
Seattle, located in Washington State, is a coastal city with a population of around 600,000 people, with experts predicting this will grow by 200,000 by 2040.
However, the Seattle Times has previously reported Mayor Greg Nickels has leant his support to plans which would see the city’s population grow by 60 per cent to 2040, adding 350,000 people.
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