Foreclosures up but still less than average

Spokane is well known for its steady real estate market, that it's foreclosure numbers show less of a swing than other areas is typical of the market in Spokane.

clipped from www.spokesman.com Spokane’s foreclosure rate has doubled, company says A service that tracks mortgage activity says Spokane homes are being foreclosed at twice the rate they were one year earlier. According to May 2009 data from First American CoreLogic, 3 percent of mortgage loans were 90 days or more delinquent, compared with a 1.5 percent rate for May 2008. The company also noted that in the 12-month period from June 2008 to May, Spokane saw 3,592 foreclosure filings, or 9.8 a day. That compares to the previous 12 months from June 2007 to May 2008, when there were 1,992 foreclosure filings, or 5.5 a day. The company also noted that Washington’s delinquency rate for May was 3.8 percent. The national rate for the month was 6.5 percent, according to a release from First American CoreLogic. The company’s foreclosure rates are adjusted to take out all nonactive or paid-in-full mortgages. It claims that system produces a more accurate rate when looking only at active home loans.