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Washington foreclosure rates continue to drop

The national rate of foreclosure on homes in the United States dipped below 1 percent for the first time since 2006. Washington residents will be relieved to know that ours was not one of the 11 states and the District of Columbia that reported a rise in foreclosure activity in 2014.

Florida, the state with traditionally high rates of foreclosed properties remains in the lead, with one out of every 44 housing units being foreclosed upon last year. North Dakota is the leader in the least number of foreclosed properties over last year -- only 30 properties total throughout the state or one out of every 10,649.

Our neighbor to the south, Oregon, showed a flurry of foreclosure activity that increased the rate of foreclosures in 2014. It is the state with the 21st highest rate of foreclosure in the United States, still a 20 percent dip from 2012.

Idaho, to the east, saw a slight uptick in property foreclosures last year and is in the 23rd position with 4,114 foreclosures in 2014.

When properties reach the state of foreclosure, it means one of the following:

-- The homeowner received a notice of default

-- The property is scheduled for auction

-- The property was repossessed

Last year across America, approximately 1.12 million pieces of property transitioned through one of those three categories. The nationwide rate continues its downward foreclosure trend as the economy stabilizes.

Just the thought of losing one's property in a foreclosure event strikes fear in the heart of most Washington residents. If you are facing foreclosure or other negative repercussions due to unmanageable debts, it's a good time to assess your financial future with the assistance of a Washington bankruptcy law attorney.

Source: Credit.com, "The States Where Foreclosure Rates Rose in 2014" Christine DiGangi, Jan. 15, 2015

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