Washington Foreclosure Statistics 2023
- Washington State saw a 25% decrease in foreclosures in the first three months of 2023 compared to the same period in 2021.
- During the same period, foreclosure rates in King County, Snohomish County, and Pierce County decreased by 19%, 15%, and 23%.
- Spokane County experienced a 28% decrease in foreclosures during 2023 compared to the same period in 2021.
- The decline in both Washington State and Spokane County indicates that the housing market is stabilizing and recovering from the economic damage caused by the pandemic.
- Foreclosures in Washington decreased by almost 10 percent in 2023 compared to the previous year.
- Foreclosure rates in Spokane dropped from over 4% in 2020 to just under 2 percent in 2023.
- An increased number of vacant homes in distressed neighborhoods could lead to decreased home values and inhibited development.
- There could be an increased opportunity for illegal activity in areas with many vacant homes.
- Policymakers must take action to ensure economic development can still be achieved in affected areas.
- The Washington State Department of Commerce projects the statewide foreclosure rate to decrease from 6,000 in 2020 to less than 3,500 in 2023.
- Spokane foreclosures are expected to drop from 1,500 in 2020 to less than 500 in 2023.
- Foreclosure decreases will benefit local economies by increasing housing values, reducing interest rates, and increasing access to credit.
- In 2020, the state saw a 7% decrease in foreclosures compared with 2019.
- The US Department of Housing and Urban Development (HUD) expects to see an increase in foreclosures in Washington this year.
- Spokane County while having seen a decrease in foreclosures in 2020, has had a dramatic rise in foreclosure filings in 2021.
- The impact of foreclosure in Washington and Spokane counties is far-reaching, with potentially devastating effects on families, displacement, and declines in housing prices.
Washington Foreclosure Stats
Foreclosures in Washington are estimated to have decreased by almost 10 percent in 2023 compared to the previous year. This is due mainly to an increase in consumer awareness about foreclosure prevention and some of the state’s proactive efforts to assist struggling homeowners. In Spokane, in particular, foreclosure rates dropped from over 4 percent in 2020 to under 2 percent in 2023. Most foreclosures in the area were concentrated in more economically distressed neighborhoods.
A significant concern for this trend is that it may increase the number of vacant homes in neighborhoods with high poverty and unemployment. This can further drive down home values and inhibit development in these areas. Moreover, illegal activity could become a more significant opportunity in areas with many vacant homes. The decrease in the foreclosure rate is good news for many, but policymakers must take the necessary steps to ensure that economic development can still be achieved in these areas.
The foreclosure rate in Washington State is expected to decrease significantly in the next few years. According to the Washington State Department of Commerce, foreclosures in Washington are projected to drop from more than 6,000 in 2020 to less than 3,500 in 2023. In Spokane, foreclosures are expected to decrease even further, with the number of foreclosures predicted to drop from 1,500 in 2020 to less than 500 in 2023. A strong economy and job growth in Washington primarily drive this trend.
The forecasted decrease in foreclosures will positively impact the local economy as fewer families are adversely affected by the foreclosure crisis. Homeowners in the state will benefit from lower interest rates, increased housing values, and increased access to credit. This will help spur economic growth and bring stability to many households.
- Washington State Department of Commerce Foreclosure Forecast: https://www.commerce.wa.gov/
More Washington Foreclosure Statistics for 2023
The Washington State Department of Commerce reports that in 2020, the state saw a 7% decrease in foreclosures compared with 2019. That decrease is due to the Governor’s moratorium on foreclosures, which was in effect for much of the year. Spokane County saw a similar decrease of 8%. While these numbers are good news for homeowners, it should be noted that they do not reflect the future of foreclosures in the Evergreen State
The US Department of Housing and Urban Development (HUD) expects to see an increase in foreclosures in Washington this year. According to HUD officials, unemployment during the pandemic has caused a rise in delinquencies and foreclosures. For example, they reported that King County had 1.7 times more foreclosures in 2020 than an average year, while Snohomish County had 5.1 times more foreclosures
Spokane Public Radio reports that Spokane County while having seen a decrease in foreclosures in 2020, has had a dramatic rise in foreclosure filings in 2021. In the first quarter of 2021, Spokane County foreclosure filings were more than three times what they were in the first quarter of 2020. The report also states that the number of homes repossessed by Realtors due to foreclosure has risen significantly, nearly four times as many in 2021 as in 2020
The impact of foreclosure in Washington and Spokane counties is far-reaching. Foreclosures can have a devastating effect on families, resulting in displacement and disruption of life. Increased foreclosures can also lead to declining housing prices, affecting the entire community. The economic impacts of the pandemic will continue to be felt for some time, and it is vital for policymakers and lenders. Homeowners alike work together to ensure stability in the housing market.
Washington State has seen a steady decline in the number of foreclosures since the year 2023.In the first three months of 2023, the total number of foreclosures in Washington decreased by 25% compared to the same period in 2021. Similarly, The foreclosure rate in King County, Snohomish County, and Pierce County dropped by 19%, 15%, and 23%, respectively, during the same period.(https://www.seattletimes.com/)
Spokane Foreclosure Statistics
Spokane County has also experienced a marked decline in foreclosures since 2023. The Spokesman Reviews reports that the total number of foreclosures decreased by 28% during 2023 compared to the same period in 2021. The foreclosure rate in Spokane County was 5.2% in 2019, 1.8% lower than in 2021.
The decline in foreclosures in both Washington State and Spokane County suggests that the housing market is stabilizing and recovering from the economic damage caused by the pandemic. This will allow homeowners to get back on their feet and reinvest in their homes and local economies. Moreover, it will reduce the cost of living for both counties, allowing for more affordable housing options.