Spokane Foreclosures Rising

It takes some time for unemployment to result in foreclosure but the recession's job losses is painfully ending in foreclosure for more and more homeowners in Spokane. This will likely have an impact on the Spokane real estate market.

clipped from www.spokanejournal.com Six-month foreclosure filings jump Further rises said likely to push default level here near or over 2002 peak The Spokane County Auditor recorded 378 foreclosure filings here in the first half of this year, up 49 percent from 254 filings in the year-earlier period. If that rate were to continue, total foreclosures here for the year would reach 834, which would be the highest since 2003, when foreclosure filings in the county totaled 1,030. Foreclosures here peaked at 1,152 in 2002. In Washington state, one in 138 homes was the subject of a foreclosure filing in the first half of the year, up from one in 283 homes in the first quarter. Spokane County, however, had more than double the foreclosure filings as of June than it had in the first quarter, when RealtyTrac reported that one in every 1,060 homes here faced foreclosure. The company ranked Spokane then as having the 26th lowest foreclosure rate of 203 metropolitan areas in the U.S. with populations of more than 200,000.