Current Foreclosure Rate in Washington Not as Bad as 2002

According to the Mortgage Bankers Association the current foreclosure rate for Washington State as of June 2008 is 1.04 percent, nationally, the rate is 2.75 percent.

Washington is ranked as the 45th state in delinquencies and 44th in foreclosures started.

Last year, Washington foreclosure rates were at .49 percent versus 1.40 for the rest of the country.

Yes, the numbers have gone up, but what I find most interesting, is that looking back to 2001-2003 when the hit to the tech industry had a great impact on the local economy, the foreclosure rate numbers were actually higher than they are now – they peaked at the 1.3 percent mark in 2002, compared to the current 1.04 percent.

Currently, as of October 25th, there are only two homes in foreclosure on the island.

The media depicts todays real estate market as the worst EVER. The media is the media. History shows us, these indeed are not the worst times we have weathered and we indeed will recover.

If you have any questions about foreclosures, feel free to send me an e-mail.