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Posts tagged: Spokane foreclosures

Foreclosures up in Spokane, down in Kootenai County

The rate of foreclosure in Spokane County increased almost 60 percent in January compared with the same month in 2010, RealtyTrac reported today.

Lenders reclaimed 116 homes, and the owners of another 133 received a notice of trustee sale. One home in every 801 was subject to some kind of foreclosure action.

The national rate was one home in every 497, down 17 percent from a year ago.

The rate for Washington climbed 43 percent to one home in 565, 12th highest among the states. 

The rate fell in Kootenai County, to one home in 331. Lenders took back 57 homes, the owners of 127 others received notices of default or trustee sale.

The rate for Idaho was one home in 241, 4th highest in the country.  

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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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

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