February 10th, 2011 7:51 AM by Sam Kader MLO130505
According to Zillow, 34.3% of a single family homeowners in King, Snohomish and Pierce counties were underwater on their homes. One of the reason is that Washington state was late in joining the party. Underwater homeowners who are current may be less mobile jobwise since they can't sell their homes or even spend money on home improvement. Comparison in other areas - 82% of houses in Las Vegas, 70% in Phoenix and 62% in Orlando, FL are underwater.
Zillow estimates that more than 28% of all houses and condos that sold in the Seattle metropolitan area in December sold for a a loss. Snohomish county was hardest hit. The average prices in King, Snohomish and Pierce counties are on average back to the level of 2004.