Washington Foreclosure Rate Low

The Washington Realtor News (Nov/Dec 2008) tells us that Washington State stands pretty well on foreclosures in the housing market. Washington is currently performing 62% better than the national rate.

Even amongst the downturn in the national economy and negative media stories and financial giants folding, Washington State’s housing market is performing well as is our economy, and it’s still a good time to buy for many.

According to the Mortgage Bankers Association (MBA) the current foreclosure rate for Washington State as of June 2008 is 1.04%, whereas nationally it is 2.75%.

Washington ranked 45 in delinquencies and 44 in foreclosures started.

California and Florida are foreclosure heartland.

Eight states stand above national average: CA, FL, AZ, Michigan, RI, Indiana and Ohio.

Seen historically, Washington rates are below our rates from late 2001 through early 2003 when the dot.com industry fell damaging the local economy.