Great news when it comes to the foreclosure rate in the Tacoma area! According to new figures released by CoreLogic, the foreclosure rate dropped to 2.71 percent in April 2014 versus 3.6 percent in April 2013. While these numbers are an improvement for the area, the foreclosure rate still remains above the national average of 1.77 percent and the Washington state average of 1.63 percent.
Mortgage delinquencies have also dropped for the Tacoma area. Home mortgages that are overdue at least 90 days came in at 6.54 percent for April 2014 compared to 8.81 percent in April 2013. This is a great improvement from 10 percent in January of last year. Similar to the foreclosure rates in the area, the mortgage delinquency rate for Tacoma is higher than both the national average and state average.
While both of these rates remain above both state and national averages, it is great news that these rates are dropping. The foreclosure rate has been steadily decreasing since March 2013.