According to loan data company Lender Processing Services, there are an estimated 2.18 million mortgages in foreclosure nationwide, which is down nearly 2 percent from a record 2.22 million in March but up 9.5 percent from a year ago.

The number of new foreclosure starts fell nearly 31 percent from March to April, totaling 187,423 -- a 14.7 percent decline from a year ago. The shrinking number of new foreclosure starts is hopefully a good indicator that foreclosure alternatives, such as loan modifications and short sales, are increasing in their success rate. We have personally witnessed some banks beginning to offer principal reductions on loan balances which could be key to stemming the rising tide of foreclosures.

Auction notices fell 12.1 percent in Washington state from March to April and 25.4 percent from a year ago, to 2,882.

The states with the highest percentage of non-current loans are Florida, Nevada, Mississippi, New Jersey and Georgia. The states with the lowest percentage of non-current loans are Montana, Wyoming, Alaska, South Dakota and North Dakota. The current foreclosure rate in Washington State is 1 in every 715 housing units, or 0.13%

The graph below illustrates the current number of loans in various stages of delinquency:

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