While the home foreclosure rate in Tacoma and Lakewood remained above the national average in October, that rate dropped significantly from the rate in October 2012, new figures show.
Foreclosures in Tacoma and Lakewood fell below 3 percent to 2.95 percent in October according to new statistics from data collection firm CoreLogic. The last time the Tacoma-Lakewood foreclosure rate was less than 3 percent was in April 2012.
That figure was .83 percent points below October 2012 when the local foreclosure rate was 3.78 percent.
That compares with a national foreclosure rate of 2.15 percent in October this year on outstanding mortgage loans.
Washington State as a whole is doing better than the national average with a statewide foreclosure rate of 1.8 percent as of October. That's down from 2.39 percent in October 2012.
Mortgage payments 90 or more days late continued to decline in Tacoma and Lakewood, said CoreLogic. In October, 7.58 percent of Tacoma and Lakewood mortgages were 90 or more days overdue. That compares with 9.82 percent in October 2012.
Delinquent mortgage payments peaked in Tacoma and Lakewood in September 2012 when they hit 9.92 percent.
Across the country, 5.11 percent of mortgages were reported 90 or more days overdue in October.