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Thu., July 29, 2010

Foreclosure rate low, but accelerating

The foreclosure rate in Spokane County ranked among the lowest in the United States during the first half of 2010, but the rate of increase between January and June was also among the nation's highest.

Among 206 metropolitan areas surveyed by RealtyTrak, Spokane ranked 177th, with one home in 292 subject to some kind of foreclosure action. The national rate is one in every 78 homes.

Although the Spokane rate was two percent lower than that for the first half of 2009, since January the rate has more than doubled. RealtyTrak, which monitors foreclosure activity nationwide, said the rate increased in 154 of the markets surveyed.

The Northwest city with the highest foreclosure rate was Boise, where one in every 37 homes was in jeopardy. Boise was the only city outside of Nevada, Florida, California or Florida to rank among the 25 hardest-hit communities, coming in at 22nd.

Other major Northwest included in the survey, with their rankings, are: Portland-Vancouver-Beaverton, one of every 77 homes, 66th; Seattle-Tacoma-Belleveue, one of every 106 homes, 97th; and Olympia, one of every 148 homes, 139th.

Yakima was ranked 181st with one of every 303 homes, and the Tri-Cities was 190th with one out of every 422 homes.  

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Bert Caldwell
Bert Caldwell oversees production of the opinion pages, including writing editorials, and editing and selecting letters, columns and cartoons.