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In Tacoma, rate of foreclosures up in March, but rate of mortgages with outstanding payments is down

Post by Kathleen Cooper / The News Tribune on May 23, 2013 at 12:50 pm |
May 23, 2013 12:50 pm

Real estate analytics firm CoreLogic reports today that more homes in Tacoma were in some stage of foreclosure in March than at the same time a year ago.

The trend is the same statewide, CoreLogic reports, while the opposite is happening nationally. Across the country, foreclosures are decreasing. That is the same trend reported earlier this month by RealtyTrac, another leading analytics firm.

The state lags the nation in working through foreclosures because it passed a law in 2011 that required mediation before the foreclosure could be completed. That was an attempt to ensure each homeowner had a chance to keep their home, but it slowed the process as well.

In Tacoma in March, CoreLogic reports, the rate of foreclosures increased 1.43 percentage points to 3.81 percent of all outstanding loans from the same time a year previous. Statewide that rate is 2.38 percent, and nationally it’s 2.84.

A small bright spot: the rate of mortgage delinquency decreased. Just 9.18 percent of all mortgages were behind 90 days or more in March, down from 9.41 percent in March 2012.

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