Real Estate News

Washington state tracks national trends in fewer foreclosures

Washington state saw 2,572 fewer completed foreclosures in the year ending in May, compared to the same time a year before.

The state’s foreclosure inventory – the number of homes in some stage of foreclosure – amounted to 1.6 percent of all mortgaged property, according to data released Tuesday by data analytics firm CoreLogic. That’s 0.6 percent fewer than the same time a year ago.

The national foreclosure inventory is 1.7 percent, a 0.9 percent decrease from the previous one-year period.

“Significant gains have been made in the last year to reduce the foreclosure stock,” said Mark Fleming, chief economist for CoreLogic, in a news release. The improvements have been made mostly in states that allow foreclosure without being processed through a court, like Washington. So-called judicial foreclosure states have a deeper backlog.

Since the financial crisis began in September 2008, about 5 million homes across the country have been foreclosed, CoreLogic reports.