October 27, 2009 in Business

Spokane ranks low in home foreclosures

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The pace of home foreclosures in Spokane increased during the third quarter, but the city improved its ranking relative to 203 other cities monitored by RealtyTrac, which released its latest survey Tuesday.

At one foreclosure for every 985 homes, Spokane was 189th in the rankings, with a total 198 foreclosures in July, August and September.

The rate was one for every 3,680 homes in the second quarter, good for 187th place, and one per 1,060 in the first quarter.

Despite the quarter-to-quarter increase, foreclosures have fallen 47 percent since the third quarter of 2008.

Although not included in the survey, Kootenai County’s foreclosure rate in the third quarter, one for every 95 homes, would have placed it between No. 40 Salt Lake City, with one per 98 homes, and Tucson, Ariz., with one per 93 homes.

Las Vegas continued to hold to the No. 1 spot, with one of every 20 homes in foreclosure. Utica-Rome, N.Y., was last, with only one foreclosure per 5,441 homes.

Two comments on this story so far. Add yours!

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  westside on October 27 at 9:39 p.m.

  Figures..low home values..low for closures..high home values..higher for closures

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  zelda on October 27 at 10:29 p.m.

  This is because Spokane has two major job sectors: government and healthcare. Healthcare jobs here haven’t been affected to a huge degree yet, but there are sure to be layoffs next year in state, county and municipal jobs that even the unions can’t forestall. So far it’s been mostly attrition cuts, but that will change.

  Spokane isn’t immune from the recession; it just will hit us later than most of the country and maybe not as catastrophically. We are the economic and cultural sister city to Fargo and Bismark, but with better scenery.