Where are the Foreclosures?

We’re not desperate to find them, mind you, but we are wondering – with all the foreclosure problems nationwide, how Seattle has pretty much avoided this problem.

It was reported in yesterday’s Seattle Times that:

The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase – 71 percent. One in every 129 households received a foreclosure filing.

OK, seventy-one percent is quite a jump. But it turns out that these are quarterly reports, and 1 in 129 over three months is the same as 1 in 387 per month, which is about one-quarter of one percent.

It’s been a rough spell for most homeowners, and we’re not wishing for more pain, but it does surprise us that the local foreclosure rate is so low.

Let’s hope we can keep it that way.