Business in brief: Foreclosures up in last quarter

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 for every 98 homes, and Tucson, Ariz., with one for every 93 homes.

Bert Caldwell

Potlatch posts higher earnings

Spokane-based wood products firm Potlatch Corp. said third-quarter earnings rose to $46 million from $24.9 million in the same quarter one year earlier.

Third-quarter per- share earnings rose to $1.15, compared with 62 cents from the third quarter of 2008.

The wood products and timber land management company said quarterly profits were boosted by completing a $48.7 million timber deed sale in September.

Total third-quarter sales were $163.7 million, compared with $130.7 million from one year earlier.

Despite the sluggish wood products industry, Potlatch CEO Michael Covey said log prices seem to have bottomed. “So, as housing continues to improve, so should log prices,” Covey said in a company statement.

From staff reports

Honda, Acura stores sold

AutoNation, Inc., the nation’s largest automotive retailer, said Tuesday it has signed agreements to buy Valley Honda and Valley Acura in Spokane Valley.

The stores will be renamed AppleWay Honda and AppleWay Acura after the end of the year, AutoNation said in a press release.

The giant car dealership, based in Fort Lauderdale, Fla., owns eight other new vehicle franchises in Spokane. The stores sell Toyota, Chevrolet, Subaru, Volkswagen, Audi, Mazda, Scion and Mitsubishi models, as well as used vehicles and parts.

The Honda and Acura stores generated about $38 million of sales in fiscal 2008, according to AutoNation. They are located at 8201 and 8325 E. Sprague Ave.

The current owners, Ray Kish and Rick Rielly, will not remain with the stores following the closing, AutoNation said.

From staff reports