One of the unique bankruptcy issues in the Seattle area is the economic diversity in the various communities. Generally when people think of Seattle, they do not realize that the metropolitan area is, in fact, made up of many smaller independent communities. If you spend any time in Seattle, you will realize that it does not have suburbs so much as it has surrounding towns. This means that if you are trying to track bankruptcy and foreclosures in the Seattle area, you have to break it down by each of these towns.
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Renton is one of the most prominent of the towns surrounding Seattle. It is at the south end of Lake Washington and lies directly south of Bellevue. The projected population for Renton in 2010 is roughly 63,000 people. In addition, there are roughly 14,000 families in Renton, with about 28,000 people living in households. Household incomes are tightly grouped in the $50,000 to $100,000 range. Finally, most people older than 25 have some college education but no degree. These demographics are important to understanding bankruptcy and foreclosure patterns in Renton.
There are certain predictors for either a bankruptcy or foreclosure. First and foremost is education, the more educated the less likely to face either a foreclosure or bankruptcy. The group most at risk for a bankruptcy filing are people without any college degree. Unfortunately, this is the largest population group in Renton. The reason that education is so important is that it most accurately predicts income.
Based on this demographic information, Renton is squarely in the midst of the ongoing foreclosure crisis and the spike of bankruptcy filings. Further, data available on RealtyTrac shows that.36% of the housing units in Renton are at some stage of the foreclosure process. This exceeds the rate for King County at.23%, Washington State at.23%, and the national rate of.26%. In addition to this, the data shows that since December 2009, October 2010 was the most active month for foreclosures. Similarly, bankruptcy filing track foreclosure rates, since many people only decide to file bankruptcy once their home goes into foreclosure.
The demographic data shows that Renton, WA is a prime area for bankruptcy and chapter 13 bankruptcy in particular. Individuals and families should be sure to contact a Renton bankruptcy attorney or a bankruptcy attorney familiar with Renton, if they have questions about how bankruptcy will affect their foreclosure.
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