Delinquencies and foreclosures
The delinquency rate for mortgages in Washington, defined as loans
30 days or more past due, was 2.2 percent as of June 2018, according
to CoreLogic’s Loan Performance Insights Report. That’s down from
2.6 percent for the same month in 2017. The national rate for June 2018
was 4. 3 percent. The foreclosure rate in the state stood at 0.3 percent
in June 2018, down slightly from 0.4 percent the prior year. Nationwide,
0.5 percent of outstanding mortgages were in foreclosure as of this past
June, according to CoreLogic.
The number of foreclosure filings as measured by auctions and homes
taken back by banks, or real estate owned (REO), totaled 23,174 in 2014,
according to Attom Data Solutions. Foreclosure filings have been on a
decline over the past four years. Last year, Washington recorded 10,450
of these filings. Through the first half of this year, Washington recorded
3,275 foreclosure filings.
During the Great Recession, Washington saw its unemployment rate
spike to 10 percent or higher for nine straight months between 2009 and
2010. By comparison, the national rate went above 10 percent for just
one month in the recession. The state’s unemployment rate fell to a low
of 4. 6 percent in July, still higher than the national rate of 3. 9 percent for
In April 2015, Seattle became one of the first cities in the U.S. to boost
minimum wage to $15 an hour, sparking endless partisan arguments on
whether it would doom low-wage jobs. The increases went into effect incrementally. The unemployment rate in Seattle was 3. 7 percent in March
2015. The unemployment rate in the city was 3.1 percent in March 2018.
Sources: Advantage Spokane, Attom Data Solutions, Boeing, Britannica, CoreLogic,
Henry J. Kaiser Family Foundation, Insurify, National Park Service, The Associated Press,
The Herald Business Journal, The Lens, The New Yorker, The Seattle Times, The Spokesman-Review,
U. S. Bureau of Labor Statistics, U. S. Census Bureau, Washington State Office of Financial
Management, World’s Top Exports
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or firstname.lastname@example.org.
The second-largest city in Washington, Spokane is a center for government, education, medical services, retail and manufacturing for
what is called the Inland Empire. The city of 220,000 people historically
thrived on natural resources. Now, major economic drivers in the area
include health care, the nearby Fairchild Air Force Base, manufacturing
and a growing aerospace sector. Legendary singer Bing Crosby grew
up in Spokane.
This city of 185,000 located just north of the Columbia River across
from Portland, Oregon, is known informally as The Couve. A London
website raised eyebrows last year when it named Vancouver as
America’s hippest city. Vancouver area leaders are concerned about the
Interstate 5 bridge, a crucial link to jobs in Portland, but Washington
state leaders five years ago backed out of a deal for both states to
build a new bridge. Vancouver and the city of the same name in British
Columbia are named after British explorer George Vancouver.
About 20 miles north of Seattle, Everett is best known for producing
several airplane lines for Boeing, boasting what is called the largest
manufacturing building in the world. Everett, with a population of
110,000, also is home to Fortive, a multibillion-dollar conglomerate
offshoot of Danaher; and Funko, a pop-culture toys and collectibles
maker. Passenger air service is planned by next year at Everett’s Paine
Field, a second airport to serve the Seattle metropolitan market.
3 Cities to Watch
Washington Foreclosure Filings
Source: Attom Data Solutions
Editorial credit: cpaulfell / Shutterstock.com