Seattle Metro Area Foreclosure Activity Rises in July

 

Foreclosure filings up 14 percent from June

 

Foreclosure activity in The Seattle Metro Area increased 14 percent in July to 3,776 properties with foreclosure filings, 9 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The Seattle metro area reported another hike in foreclosure filings in July as activity exceeded both the previous month and the same time period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Heightened unemployment is largely to blame for the metro area’s inflated foreclosure rate, as joblessness within the area just jumped to 8.4 percent and major sectors such as manufacturing, finance, leisure and hospitality continue to suffer the effects of recession.”

 

The Seattle Metro Area had the 18th highest foreclosure total in the nation for the month among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 380 Seattle metro area housing units received a foreclosure filing in July, ranking 63rd among the same 206 metro areas.

 

Pierce County posts metro area’s top foreclosure rate in July

One in every 302 housing units in Pierce County received a foreclosure filing in July, giving the county the top foreclosure rate in the metro area for the month. Snohomish County posted the second highest rate, with one in every 311 housing units receiving a foreclosure filing during the month. Coming in third was King County, where one in every 460 housing units received a foreclosure filing in July.

 

King County leads metro area in total foreclosures for July

Reporting 1,810 properties with foreclosure filings in July, King County led the metro area in total foreclosure activity. Second highest total was in Pierce County, reporting 1,065 properties with foreclosure filings. Snohomish County came in third highest, tallying 901 properties with foreclosure filings.

 

State ranked 12th nationally in foreclosure filings

Washington reported 5,682 properties with foreclosure filings in July, giving it the 12th highest state total in the nation. This latest total represents a 13 percent increase from the previous month and is 6 percent above of the level reported in July 2009. One in every 491 Washington housing units received a foreclosure filing during the month, the 14th highest state foreclosure rate in the nation.

 

State a moderate contributor to nation’s monthly foreclosure total

Washington accounted for 2 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month, but was down almost 10 percent from the level reported in July 2009. One in every 397 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.

 

 

The Seattle Metro Area Top Foreclosure Rates by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Washington

0

0

3,688

0

1,994

5,682

491

0.81

n/a

Seattle MSA

0

0

2,534

0

1,242

3,776

380

1.04

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

720

0

345

1,065

302

1.32

1.63

Snohomish

0

0

581

0

320

901

311

1.28

1.58

King

0

0

1,233

0

577

1,810

460

0.86

1.07

 

 

The Seattle Metro Area Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Washington

0

0

3,688

0

1,994

5,682

491

13.19

5.81

Seattle MSA

0

0

2,534

0

1,242

3,776

380

14.08

8.63

 

 

 

 

 

 

 

 

 

 

King

0

0

1,233

0

577

1,810

460

12.07

2.14

Pierce

0

0

720

0

345

1,065

302

15.38

15.14

Snohomish

0

0

581

0

320

901

311

16.71

15.66

 

 

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