Seattle Metro Area Foreclosure Activity Falls in First Quarter

Metro area foreclosure filings down from last year

March numbers up from a month earlier; down from a year ago

 

Foreclosure activity in Seattle Metro Area fell 15 percent during the first quarter of 2010 and was down 14 percent from the same period last year. In all, the metro area reported 5,667 properties with foreclosure filings during the quarter.

 

In March the metro area reported 1,985 properties with foreclosure filings, a 17 percent increase from the previous month, but 26 percent below the level reported in March 2009. One in every 723 Seattle metro area housing units received a foreclosure filing during the month, the 136th highest metro area foreclosure rate among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

“Foreclosure filings declined in the Seattle Metro Area in the first quarter of 2010 to a level well below what was reported for last quarter and for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though this drop in foreclosures is welcome news among Seattle residents, joblessness within the area remains a concern among residents and lenders alike. Unemployment was 9 percent for the metro area in March, which is below the national average, but still high enough to cause concern of future foreclosure activity.”

 

The Seattle Metro Area had the 35th highest foreclosure total in the nation for the quarter among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 253 Seattle metro area housing units received a foreclosure filing in the first quarter, ranking 126th among the same 203 metro areas.

 

Pierce County posts top foreclosure rate in the metro area for the first quarter

Pierce County had the highest county foreclosure rate in the metro area during the first quarter, with one in every 177 housing units receiving a foreclosure filing — 1.7 times the state average. With one in every 185 housing units receiving a foreclosure filing, Snohomish County had the second highest rate — also 1.7 times the state average. King County came in third, with one in every 357 housing units receiving a foreclosure filing. 

 

King County led the metro area in total foreclosures for the first quarter

King County led all counties in the metro area in total foreclosure activity for the quarter, reporting 2,333 properties with foreclosure filings. Pierce County had the second highest total, reporting 1,820 properties with foreclosure filings. Snohomish County was third, reporting 1,514 properties with foreclosure filings.

 

State ranked low nationally in total foreclosure filings

Washington reported 9,124 properties with foreclosure filings for the quarter, giving it the 25th highest state total in the nation. This latest total represents a 12 percent decrease from the previous quarter and is 6 percent below of the level reported in the first quarter 2009. One in every 306 Washington housing units received a foreclosure filing during the quarter, the 32nd highest state foreclosure rate in the nation.

 

State a minor contributor to quarterly foreclosure total

Washington represented 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Washington

0

0

5,685

0

3,439

9,124

306

0.45

n/a

Seattle Metro Area

0

0

3,462

0

2,205

5,667

253

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

1,200

0

620

1,820

177

0.78

1.73

Snohomish

0

0

946

0

568

1,514

185

0.75

1.65

King

0

0

1,316

0

1,017

2,333

357

0.39

0.86

 

 

Seattle Metro Area Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Washington

0

0

5,685

0

3,439

9,124

306

-12.42

-6.06

Seattle Metro Area

0

0

3,462

0

2,205

5,667

253

-14.95

-13.85

 

 

 

 

 

 

 

 

 

 

King

0

0

1,316

0

1,017

2,333

357

-19.61

-19.88

Pierce

0

0

1,200

0

620

1,820

177

-14.23

-20.35

Snohomish

0

0

946

0

568

1,514

185

-7.63

9.63

 

 

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