Foreclosure Filings Up 83 Percent From Q1 2008
IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 6,578 properties in the Seattle metro area in the first quarter, up 1 percent from the previous quarter and 83 percent above the level reported for the first quarter 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 in the Seattle metro area rose slightly in the first quarter of 2009, bringing the level of activity to nearly double what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment rose to nearly 9 percent during the quarter, reaching a level not seen in the area since the infamous dot-com bust.”
One in every 214
With one in every 138 housing units receiving a foreclosure filing during Q1 2009 — 2.1 times the state average and 1.2 times the national average — Pierce County had the highest foreclosure rate in the metro area.
State ranks low nationally in foreclosure activity
Washington reported 9,713 properties with foreclosure filings in the quarter, giving it the 18th highest state total in the nation. This latest total represents a 3 percent increase from the previous quarter and was 46 percent ahead of the level reported in the first quarter 2008. One in every 283 Washington housing units received a foreclosure filing during the quarter, the 21st highest state foreclosure rate in the nation.
State a minor contributor to nation’s foreclosure total in Q1 2009
Washington accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.
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.
Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.
Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).