Locally, foreclosure homes in Seattle and in the rest of Washington are also major problems for authorities and residents. Last year, around 33,000 properties in the region fell into foreclosure and majority of market analysts believe that 2011 will be much the same. According to housing experts, the biggest hurdle in preventing the continuous rise in the number of foreclosures in Washington is the unwillingness of most lenders to communicate with borrowers.

They explained that homeowners are losing their properties to Washington foreclosures because their lenders are ignoring their requests for loan modifications or are not even aware that requests have been made since borrowers cannot even get past local employees. Majority of residents have weighed in on the issue, arguing that a face to face dialog with lenders will go a long way towards solving their homeownership problems.

Washington lawmakers are currently considering a legislative bill that has been used by other regions, such as Nevada, to address the issue of home foreclosures by state. Under the proposed legislation, banks will be required to hold a face to face talk with borrowers before they can initiate a foreclosure action. The legislation is patterned after a law used in Nevada, which reportedly resulted in over 50% of participants retaining their properties.

Residents are hoping that the bill, which is called the Foreclosure Fairness Act, will become law in the state. Majority of homeowners believe that the legislation can help lower the number of foreclosure houses in the state; particularly since, if approved, the attorney general can have the power to take legal actions against banks and lenders who refuse to at least negotiate.

With home foreclosures by state expected to rise again this year, it is not only Washington that is considering implementing a similar law. The success of the legislation in Nevada has reportedly convinced a number of states to at least discuss the possibility of implementing the regulation.

Although foreclosures are not quite helpful for a city or state, it is hard to avoid foreclosures considering the current economic crisis. It is actually because of this crisis that real estate market in Wilmington saw a fall of 55% in January. This can also be seen in the following graph which is also available at Trulia.com.

This graph is to show you the change in average listing price from Feb 18 till Mar11. The first thing to notice in this graph is the fall of price from Feb 18 till Feb 25. The thing is that this decline in price was pretty drastic and price moved from S379K to somewhere around $375K. Although the decrease in price was there after Feb 25, it was not as drastic as it was from Feb 18 to Feb 25.

However, the decrease in price was consistent which made price to get to the $373K range. Also, the price for a single square in Wilmington was $139, which was actually a decrease of 54.3% as compared to the same period in last year. In short, the average price of a home in Wilmington is not really encouraging for people to invest in the Wilmington foreclosures for sale.

However, one of the facts about North Carolina is that it is still regarded as one of the best places to live in the US. Although there are people who are moving out from this state, the great thing is that number of people moving in is bigger. In fact, it has been found by The NC Association of Realtors that more than 180 people moved in for every 100 people moving out of the state. What it implies is that investing in Wilmington foreclosures is still a good option as things are expected to get better in near future.