Spokane’s foreclosure rate has doubled, company says

A service that tracks mortgage activity says Spokane homes are being foreclosed at twice the rate they were one year earlier.

According to May 2009 data from First American CoreLogic, 3 percent of mortgage loans were 90 days or more delinquent, compared with a 1.5 percent rate for May 2008.

The company also noted that in the 12-month period from June 2008 to May, Spokane saw 3,592 foreclosure filings, or 9.8 a day.

That compares to the previous 12 months from June 2007 to May 2008, when there were 1,992 foreclosure filings, or 5.5 a day.

During the same period, Kootenai County had a 4.1 percent foreclosure rate for mortgages delinquent 90 days or longer.

One year earlier, in May 2008, it was about half, at 1.9 percent, according to First American.

The company also noted that Washington’s delinquency rate for May was 3.8 percent. The national rate for the month was 6.5 percent, according to a release from First American CoreLogic.

The company’s foreclosure rates are adjusted to take out all nonactive or paid-in-full mortgages. It claims that system produces a more accurate rate when looking only at active home loans.

Tom Sowa

Idaho company advances in green business contest

Moscow, Idaho-based tech company GoNano Technologies has been named one of 12 semifinalists in the Pacific Northwest Clean Tech Open, an annual green business competition that serves as a catalyst for energy product innovation.

The competition is sponsored by the nonprofit group Clean Tech Open, based in California.

This is the first year the competition has been expanded to include the Northwest.

GoNano was selected from 56 entries based on the energy storage capabilities of its “nanospring” electrodes, which use ultracapacitor- based technology to get 150 percent greater energy density at a lower cost than conventional electrodes.

GoNano will compete for three regional prizes of up to $50,000 in cash and support services as well as for one national prize of up to $250,000.

Tom Sowa

Judge denies motion to fast-track GM sale appeal

NEW YORK – A bankruptcy judge has denied a motion by people hurt in vehicle accidents to send an appeal of General Motors’ sale directly to the 2nd Circuit Court of Appeals.

In addition, U.S. Judge Robert Gerber late Tuesday also denied a motion from a group of people with asbestos-related claims to put the sale on hold pending a District Court appeal.

Gerber didn’t detail in court why he was denying the motions, saying that he would issue a written ruling later in the evening.

The judge approved Detroit-based GM’s plan to sell the bulk of its assets to a new government-controlled company late Sunday.

The product liability and asbestos groups subsequently filed appeals.

Associated Press