Seattle Metro Area Foreclosure Activity Declines in January

Metro area filings down 18 percent from December

 

Foreclosure activity in the Seattle metro area foreclosure activity fell in January to 2,081 properties with foreclosure filings, down 18 percent from the previous month and 9 percent below the level reported in January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure filings slowed in the Seattle Metro Area in January, bringing activity below what was reported one month ago and for 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 valid concern, with unemployment hovering above 9 percent.”

 

The Seattle metro area had the 31st 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 690 Seattle metro area housing units received a foreclosure filing in January, ranking 115th among the same 203 metro areas.

 

Pierce County posts top foreclosure rate in the metro area for January

With one in every 497 housing units receiving a foreclosure filing — 1.6 times the state average — Pierce County posted the metro area’s highest county foreclosure rate in January. Snohomish County had the second highest rate, with one in every 505 housing units receiving a foreclosure filing — 1.6 times the state average. King County was third, with one in every 947 housing units receiving a foreclosure filing.

 

King County led the metro area in total foreclosure filings for January

Totaling 880 properties with foreclosure filings, King County reported the highest leve of foreclosure activity in the metro area. Pierce County was second highest, documenting 646 properties with foreclosure filings. Reporting 555 properties with foreclosure filings for the month, Snohomish County had the third highest total.

 

State ranks low nationally in foreclosure filings for January

Washington reported 3,495 properties with foreclosure filings for the month, giving it the 22nd highest state total in the nation. This latest total represents a 22 percent decline from the previous month, but is still 11 percent ahead of the level reported in January 2009. One in every 799 Washington housing units received a foreclosure filing during the month, the 28th highest state foreclosure rate in the nation.

 

State a minor contributor to nation’s foreclosure total in January

Washington accounted for 1 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Washington

0

0

2,165

0

1,330

3,495

799

0.51

n/a

Seattle Metro Area

0

0

1,241

0

840

2,081

690

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

400

0

246

646

497

0.81

1.61

Snohomish

0

0

345

0

210

555

505

0.80

1.58

King

0

0

496

0

384

880

947

0.43

0.84

 

 

Seattle Metro Area Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Washington

0

0

2,165

0

1,330

3,495

799

-21.76

11.31

Seattle Metro Area

0

0

1,241

0

840

2,081

690

-17.75

-8.97

 

 

 

 

 

 

 

 

 

 

King

0

0

496

0

384

880

947

-21.99

-14.40

Pierce

0

0

400

0

246

646

497

-13.87

-19.25

Snohomish

0

0

345

0

210

555

505

-14.88

21.18

 

 

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