FORECLOSURE ACTIVITY DOWN 6 PERCENT IN SEATTLE METRO

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 Washington’s unemployment rate up to 8.4 percent in February and Seattle being a major hub of the state’s economic activity, it’s no surprise foreclosures are an issue for the area’s residents.”

 

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 Seattle metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate 91st highest among those same metro areas.

 

With one in every 453 housing units receiving a foreclosure filing during February — twice the state average and on par with the national average — Pierce County had the highest county foreclosure rate in the metro area. Snohomish County registered the second highest rate, reporting one in every 577 housing units receiving a foreclosure filing — 1.6 times the state average. Third highest rate was in King County, where one in every 841 housing units received a foreclosure filing during the month — 1.1 times the state average.

 

State ranks low nationally in foreclosure activity and rate for February

Washington reported 3,021 properties with foreclosure filings in February, ranking it the 20th highest state total in the nation. This latest total represents a 4 percent decrease from the previous month, but is still 36 percent ahead of the level reported in February 2008. One in every 908 Washington housing units received a foreclosure filing during the month, the 25th highest state foreclosure rate in the nation.

 

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.

 

Report methodology

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.

 

                   Seattle Metro Area Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Washington

0

0

2,055

0

966

3,021

908

0.48

n/a

Seattle MSA

0

0

1,572

0

571

2,143

657

0.67

n/a

 

 

 

 

 

 

 

 

 

 

King

0

0

754

0

217

971

841

0.52

1.08

Pierce

0

0

437

0

257

694

453

0.97

2.00

Snohomish

0

0

381

0

97

478

577

0.76

1.57

 

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 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

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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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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