Foreclosure Filings Up 89 Percent From February 2008
IRVINE, Calif. – March 27, 2009 – Foreclosure filings were reported on 2,143 properties in the Seattle metro area in February, down 6 percent from the previous month, but still 89 percent ahead of the level reported in February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“Foreclosure activity for February in the Seattle metro area decreased slightly in February, though it remains significantly elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With
Comprised of King, Pierce and Snohomish counties, the Seattle metro area’s total properties with foreclosure filings was the 29th highest total among the 203 metro areas tracked in the RealtyTrac report. One in every 657
With one in every 453 housing units receiving a foreclosure filing during February — twice the state average and on par with the national average —
State ranks low nationally in foreclosure activity and rate for February
State a minor contributor to nation’s foreclosure total in February
Washington accounted for 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented an increase of 6 percent from the previous month and was nearly 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units received a foreclosure filing during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.
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About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200
Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
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