The following graph shows the rate of foreclosure activity in Clark County Washington has taken a dramatic drop this summer.

The rate of foreclosures had hit a high in June of 486.  That is about  7.5 times the normal rate.  In July it dropped to 377, or under six times the normal rate.  And, now it dropped in August to 187, which is less than three times the normal rate.

This is very good news.  Even if this lower rate stays at this 150 to 200 range for a while, it is much lower than it has been.  Less foreclosure product is being pumped into the market place.

Although results are mixed, I still see many more areas of the county that show flat statistics (no upward or downward trend in values) than I see downward trends (which were prevalent for the last 18 to 24 months).  This coupled with the dropping rate of foreclosures should result in a strengthening market.  We’ll see.

Ralph K. Olsen

Pacific West Appraisal Services, Inc

pwas.net