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Foreclosure rates dropping in Spokane

Foreclosure activity in Spokane decreased by 27 percent in the first half of 2012, an encouraging sign for the local housing market amidst continuing struggles across the country.

The mid-year foreclosure report released by RealtyTrac on Thursday morning put Spokane at 178 out of 212 metropolitan areas. In the past 12 months, the foreclosure rate in Spokane has dropped by 54 percent.

Among the nation’s largest cities, Seattle reported the largest drop in foreclosure rates past six months – a 24 percent fall.

Stockton, Calif., had the nation’s highest metro foreclosure rate: one in every 38 homes was in foreclosure. That’s three times the national average.

Four other California metropolitan areas rounded out the list of cities with the highest foreclosure filings. They were Modesto, Riverside-San Bernardino-Ontario, Vallejo-Fairfield, and Merced.

Other Washington cities were in relatively good shape in the number of foreclosures.

Yakima ranked 205, aided by a foreclosure rate that fell 62 percent in the past six months.

And the Tri-Cities ranked 211 as its foreclosure rate slid 48 percent.