Seattle Metro Area Foreclosure Activity Declines in February

Metro area filings decrease 18 percent from January

 

Foreclosure activity in the Seattle metro area declined in February to 1,701 properties with foreclosure filings, down 18 percent from the previous month and 21 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity continued to slow down in the Seattle metro area in February, bringing the level of activity well below what was reported one month ago and at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although this drop in foreclosures is welcome news among Seattle residents, joblessness within the metro area remains a concern, with unemployment recently hitting 9.5 percent as the region struggles to dig itself out from recession.”

 

The Seattle metro area had the 39th highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 844 Seattle metro area housing units received a foreclosure filing in February, ranking 131st among the same 203 metro areas in terms of foreclosure rate.

 

Snohomish County posts top foreclosure rate in the metro area for February

With one in every 563 housing units receiving a foreclosure filing — 1.9 times the state average — Snohomish County posted the metro area’s highest county foreclosure rate in February. Pierce County was second, with one in every 582 housing units receiving a foreclosure filing — 1.8 times the state average. King County came in third highest, with one in every 1,280 housing units receiving a foreclosure filing.

 

King County led the metro area in total foreclosures for February

King County led all counties in the metro area, totaling 651 properties with foreclosure filings in February. Pierce County was second, documenting 552 properties with foreclosure filings. Reporting 498 properties with foreclosure filings for the month, Snohomish County ranked third highest.

 

State ranks relatively low nationally in foreclosure filings

Washington reported 2,670 properties with foreclosure filings for the month, giving it the 26th highest state total in the nation. This latest total represents a 24 percent decrease from the previous month and is 13 percent below the level reported in February 2009. One in every 1,046 Washington housing units received a foreclosure filing during the month, the 33rd highest state foreclosure rate in the nation.

 

State a minor contributor to nation’s month foreclosure total

Washington accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Washington

0

0

1,513

0

1,157

2,670

1,046

0.40

n/a

Seattle Metro Area

0

0

954

0

747

1,701

844

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

287

0

211

498

563

0.74

1.86

Pierce

0

0

358

0

194

552

582

0.72

1.80

King

0

0

309

0

342

651

1,280

0.33

0.82

 

 

Seattle metro area Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Washington

0

0

1,513

0

1,157

2,670

1,046

-23.61

-13.20

Seattle Metro Area

0

0

954

0

747

1,701

844

-18.26

-20.63

 

 

 

 

 

 

 

 

 

 

King

0

0

309

0

342

651

1280

-26.02

-32.96

Pierce

0

0

358

0

194

552

582

-14.55

-20.46

Snohomish

0

0

287

0

211

498

563

-10.27

4.18

 

 

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