Foreclosure rates continue to decline

TRI-CITIES, Wash. - KEPR is always following the latest trends in the housing market. And we learned the price of your house continues to rise, as foreclosures rates continue to slide.

May saw the lowest foreclosure rate the Tri-Cities has seen in almost a year. Sitting at roughly one-percent, we are exactly half of the rates state-wide. Officials tell me this is a key component to a sellers' market. With fewer bank-owned homes going on the market, the higher listings make less competition for you.

"As a home seller in the Tri-Cities, you don't have to compete with as many extremely low numbers, our healthy market is really a big asset to these people who are selling homes in the Tri-Cities," said local realtor Jennifer Schreiber.

Mortgage rates have also spiked recently, but are still considered low.