SEATTLE NEWS ARCHIVES & FEATURES
Despite gains, foreclosures remain eight times normal
Oct 3, 2012, 9:09 AM | Updated: Mar 4, 2016, 5:55 am
While the national foreclosure inventory dropped in August to its lowest point since October 2010, it remained more than eight times the 1995-2005 pre-crisis period, according to Lender Processing Services. (AP Photo/file)
(AP Photo/file)
While the national foreclosure inventory dropped in August to its lowest point since October 2010, it remained more than eight times the 1995-2005 pre-crisis period, according to Lender Processing Services.
Each state in the U.S. handles its real estate foreclosures differently. Judicial foreclosures are processed through the courts, while non-judicial foreclosures are processed without court intervention. The requirements for the foreclosure are then established by state statutes. Washington is a non-judicial foreclosure state.
The national foreclosure average masks the stark difference between judicial and non-judicial foreclosure states. In judicial states, foreclosure inventory was at a near-record high of 6.49 percent (despite a 14 percent month-over-month increase in judicial state foreclosure sales), as opposed to 2.28 percent in non-judicial states.
Overall, foreclosure sales were up 12 percent nationally in August, but remain 33 percent below their September 2010 peak. Approximately 6.87 percent of all mortgages in the U.S. are delinquent.
