Alaska has the fastest-rising foreclosure rate
Alaska’s economy has been struggling in recent years after oil prices dipped in 2014, but the state’s real estate market has proved fairly resilient, according to Terry Fields, assistant professor at the College of Business and Public Policy within the University of Alaska Anchorage.
The data from ATTOM shows homeowners in The Last Frontier may be starting to feel the pressure. A total of 1,145 properties were in the process of foreclosure in 2018 — up from 614 in 2017.
The foreclosure rate in Alaska grew the fastest of all 50 states, rising from 0.20 percent in 2017 to 0.37 percent last year, according to ATTOM.
While local economists are keeping an eye on Alaska’s real estate market, foreclosures are still significantly below the levels they were during the Great Recession and previous bust periods in Alaska, Fields says.