May 12, 2010 in Business

Foreclosures rise in Spokane, Kootenai counties

By The Spokesman-Review
 

Foreclosures were up substantially in Spokane County last month, and the numbers in Kootenai County also continued to deteriorate.

RealtyTrac, a national clearinghouse for foreclosure information, said 165 Spokane homes were subject to a notice of trustee sale or bank takeover in April, up more than 50 percent compared with March and triple the rate of April 2009.

One home in 1,196 was involved in a foreclosure action.

In Kootenai County, 296 homes were subject to a notice of default or trustee notice, or seizure last month. One home in 203 was involved in a foreclosure action.

The foreclosure rate increased 37 percent from March, but less than 5 percent from April 2009.

Idaho ranked sixth among the states and District of Columbia in foreclosure rate, Washington 24th.

In another report, Zillow said the median price for a Spokane home has fallen 4.1 percent in the past year, to $156,200.

The online market monitor said 24.2 percent of homes were worth less than the mortgages on them at the end of the first quarter. That share is more than triple the estimate released earlier this week by CoreLogic, another market monitor.


Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email