Seattle Metro Area Foreclosure Activity Increases in 2009

Metrowide filings up 43 percent from 2008; up 11 percent from November

 

The Seattle metro area ended 2009 tallying 22,772 properties with foreclosure filings, a 43 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For December, the metro area reported 2,530 properties with foreclosure filings, an 11 percent increase over the previous month, and up 37 percent from December 2008. The metro area’s foreclosure rate — one in every 556 housing units received a foreclosure filing — was 103rd highest among the 203 metro areas tracked in the RealtyTrac report.

 

“The number of foreclosure filings increased again in the Seattle metro area in December, bringing the region’s annual activity to a level well above what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the area also rose in December to nearly double the level of joblessness reported for the same time last year.”

 

With one in every 62 housing units receiving a foreclosure filing during 2009, the metro area’s foreclosure rate ranked 86th highest among the 203 metro areas tracked in the RealtyTrac report.

 

Pierce County posted metro area’s highest foreclosure rate for 2009

With one in every 43 housing units receiving a foreclosure filing in 2009, Pierce County posted the highest county foreclosure rate in the metro area for the year. Snohomish County followed in second, reporting one in every 53 housing units receiving a foreclosure filing. King County came in third highest, reporting one in every 80 housing units receiving a foreclosure filing.

 

King County led metro area in foreclosure activity in 2009

King County led all counties in the metro area for 2009, reporting 10,234 properties with foreclosure filings for the year. Pierce County came in second, documenting 7,321 properties with foreclosure filings. Reporting 5,217 properties with foreclosure filings for the year, Snohomish County had the third highest total in the metro area.

 

State ranks low nationally in foreclosure filings

Washington reported 35,268 properties with foreclosure filings for 2009, giving it the 19th highest state total in the nation. This latest total represents a 35 percent increase from 2008. One in every 78 Washington housing units received a foreclosure filing during 2009, the 24th highest state foreclosure rate in the nation.

 

State a minor contributor to nation’s foreclosure total in 2009

Washington accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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:

Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

%Chg

From 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Seattle Metro Area

22,772

1.62

62

43.15

n/a

Washington

35,268

1.29

78

35.34

132.27

 

 

 

 

 

 

Pierce

7,321

2.33

43

9.78

137.08

Snohomish

5,217

1.89

53

84.15

218.50

King

10,234

1.25

80

59.76

200.91

 

 

Seattle Metro Area Top Foreclosure Totals by County:

Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

%Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Seattle Metro Area

22,772

1.62

62

43.15

n/a

Washington

35,268

1.29

78

35.34

132.27

 

 

 

 

 

 

King

10,234

1.25

80

59.76

200.91

Pierce

7,321

2.33

43

9.78

137.08

Snohomish

5,217

1.89

53

84.15

218.50

 

 

Seattle Metro Area Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Seattle Metro Area

0

0

1,397

0

1,133

2,530

556

n/a

n/a

Washington

0

0

2,658

0

1,809

4,467

614

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

372

0

378

750

419

0.87

1.46

Snohomish

0

0

387

0

265

652

423

0.87

1.45

King

0

0

638

0

490

1,128

724

0.51

0.85

 

 

Seattle Metro Area Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Seattle Metro Area

0

0

1,397

0

1,133

2,530

556

11.45

36.98

Washington

0

0

2,658

0

1,809

4,467

614

35.86

61.32

 

 

 

 

 

 

 

 

 

 

King

0

0

638

0

490

1,128

724

4.83

29.66

Pierce

0

0

372

0

378

750

419

-0.27

10.95

Snohomish

0

0

387

0

265

652

423

47.51

116.61

 

 

 

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