Foreclosure Home Housing & Foreclosure Reports Washington Foreclosure Activity Falls in February

Washington Foreclosure Activity Falls in February

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Statewide filings down 3 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,957 Washington properties in February, a 3 percent decrease from January and 55 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Washington had the 35th highest foreclosure rate in the nation, reporting one in every 1,475 housing units with a foreclosure filing in February.

Mason County posts top foreclosure rate in the state for February
 One in every 774 housing units in Mason County had a foreclosure filing in February — 1.9 times the state average — the highest foreclosure rate of all Washington counties for the month. Snohomish County had the second highest rate of one in every 885 housing units with a foreclosure filing during the month — 1.7 times the state average. Pierce County had the third highest rate of one in every 968 housing units with a foreclosure filing during the month — 1.5 times the state average.

King County has top foreclosure total in February
 King County led the state in foreclosure activity, reporting 531 properties with foreclosure filings for the month. Pierce County was second highest, reporting 336 properties with foreclosure filings. Snohomish County was third, reporting 324 properties with foreclosure filings. Fourth highest was Spokane County, recording 171 properties with foreclosure filings. Clark County was fifth, tallying 134 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 Washington accounted for 1 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Washington Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Washington

0

0

1,023

0

934

1,957

1,475

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Mason

0

0

13

0

29

42

774

0.82

1.90

Snohomish

0

0

228

0

96

324

885

0.72

1.67

Pierce

0

0

166

0

170

336

968

0.66

1.52

Cowlitz

0

0

16

0

28

44

988

0.64

1.49

Spokane

0

0

88

0

83

171

1,178

0.54

1.25

 Washington Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Washington

0

0

1,023

0

934

1,957

1,475

-3.21

-55.37

 

 

 

 

 

 

 

 

 

 

King

0

0

279

0

252

531

1,603

-18.68

-62.84

Pierce

0

0

166

0

170

336

968

-6.15

-53.85

Snohomish

0

0

228

0

96

324

885

-22.12

-55.62

Spokane

0

0

88

0

83

171

1,178

533.33

-14.07

Clark

0

0

70

0

64

134

1,249

-20.71

-65.10

 


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