Overall home sales are up but home prices are reasonably flat over the past few years. There are a number of buyers who were sitting on the sidelines, and with the record low rates, they have begun to enter the market.

I sold a 40 acre foreclosure property, 1200 SF farm house, 1,000 SF garage, and a 2,500 SF shop on 8/31 for $342,500. It has a pre-approved short plat in Thurston county (planned rural resource development) to split the property into four 2 acre lots, an 8 acre parcel with the home, garage and shop buildings, plus a 24 acre resource parcel.

6-8 years ago, those 2 acre were selling at $125K each.

Expect a second wave of new foreclosures to hit in the next 12 months as banks work through the new regulations put in place that slowed foreclosure process down.

We're pretty much done with them in my region for my bank, but we didn't really have a lot of high risk loans. Most of our issues were due to changes in the timber business (mill closures, slow down of timber harvest, etc).