The foreclosure increase is not just limited to the United States, a Scottish reporting agency says as many as 170,000 families are now struggling to meet their mortgage commitments and is forecasting that some 45,000 will be forced from their homes next year. The estimates come as the global housing crisis spreads from the United States to the United Kingdom and even China, where hot markets have suddenly turned cold and overextended homeowners are unable to make payments. Scotlands Council of Mortgage Lenders is forecasting that home prices will increase one percent next year and property sales will fall by 15 percent. The country's mortgage approval rate already has dropped to its lowest point in decades. This article is from the Real Estate Digest.

Not ony is the Seattle area real estate market out performing other states but we are also out performing other country's. One common trend I see in both the United States and other country's is that the overextended homeowner is the one getting into trouble. A little advice, don't buy more home than you can afford on a "junk" loan!!