Here's a very interesting and informative article on the national foreclosure "crisis." Many people are using this market to purchase vacation homes and rental properties. Forbes did a study on the top 10 places to buy a foreclosure home.
Forbes called hard hit markets those with 3-4% foreclosure rates (Detroit was worst at 4.9%). Seattle came in at 0.4%, best on their list for large cities, and 8th on their list of best places to buy. Here's what they said about Seattle:
"
Long hailed as the exception to the national housing downturn, Seattle's growth has steadied, though it remains a good market. Its inventory rates are the lowest of the country's 50 largest cities, and its foreclosure rate of 0.47% is so low, it's negligible in the context of the overall market."
The Forbes article may be worth reading if you're looking to acrue real estate wealth.
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Forbes' Best Places to buy Foreclosure Homes
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