Spokane’s foreclosure rate drops 27 percent in first six months of 2012

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

The midyear foreclosure report released by RealtyTrac on Thursday put Spokane’s rate at one in every 389 homes – 178th out of the 212 metropolitan areas listed.

Over the past 12 months, the foreclosure rate in Spokane has dropped by 54 percent.

Among the nation’s large cities, Seattle reported the largest drop in foreclosure rates from January through June – a 24 percent fall.

Stockton, Calif., had the nation’s highest 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 top five: Modesto, Riverside-San Bernardino-Ontario, Vallejo-Fairfield and Merced.

Other Washington cities were in relatively good shape in the number of foreclosures. Yakima ranked 205th, with a rate that fell 62 percent in the past six months, and the Tri-Cities ranked 211th as its foreclosure rate slid 48 percent.