Seattle Metro Area Foreclosure Activity Rises in Second Quarter

Activity level soars 59 percent from previous quarter

Filings increase 7 percent mid-year; up 3 percent in June

 

The Seattle Metro Area reported 9,021 properties with foreclosure filings for the second quarter of 2010, rising 59 percent from the first quarter and 23 percent above the level reported in the second quarter of 2009.

 

Metro activity also rose during the first half of 2010 and for the month of June. For the first six months of the year the metro area reported 13,483 properties with foreclosure filings, a 7 percent rise in activity from the second half of 2009 and 2 percent above the level reported mid-year 2009. In June the metro area tallied 3,310 properties with foreclosure filings, an increase of 3 percent from the previous month, but slightly down from June 2009.

 

“Foreclosure activity in the Seattle metro area was up substantially during the second quarter of 2010, compared to both the first quarter of the year and the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “An increase was also evident over the first half of 2010 as compared to the previous six-month period, even as the area’s unemployment rate remained well below the national average to 8.3 percent in June.”

 

The Seattle metro area had the 20th highest foreclosure total in the nation for the quarter among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 159 Seattle metro area housing units received a foreclosure filing in the second quarter, ranking 77th among the same 206 metro areas.

 

Pierce County posts metro area’s top foreclosure rate for the quarter

Pierce County posted the highest county foreclosure rate in the metro area during the second quarter, as one in every 123 housing units received a foreclosure filing — 1.2 times the national average and 1.6 times the state average. With one in every 129 housing units receiving a foreclosure filing — 1.1 times the national average and 1.6 times the state average — Snohomish County had the second highest rate in the metro area. King County had the third highest rate with one in every 196 housing units receiving a foreclosure filing — on par with the state average.

 

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

King County tallied the highest level of foreclosure activity among the counties comprising the metro area, reporting 4,245 properties with foreclosure filings for the quarter. Pierce County had the second highest total, reporting 2,608 properties with foreclosure filings. Reporting 2,168 properties with foreclosure filings for the quarter, Snohomish County came in third.

 

State ranks high nationally in total foreclosure filings

Washington reported 13,786 properties with foreclosure filings for the quarter, giving it the 16th highest state total in the nation. This latest total represents a 51 percent increase from the previous quarter and is 23 percent above the level reported in the second quarter 2009. One in every 202 Washington housing units received a foreclosure filing during the quarter, the 19th highest state foreclosure rate in the nation.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Washington represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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.

 

The Seattle Metro Area Top Foreclosure Rates By County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Washington

0

0

9,270

0

4,516

13,786

202

0.71

n/a

Seattle MSA

0

0

6,279

0

2,742

9,021

159

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

1,758

0

850

2,608

123

1.17

1.64

Snohomish

0

0

1,494

0

674

2,168

129

1.11

1.57

King

0

0

3,027

0

1,218

4,245

196

0.73

1.03

 

 

The Seattle Metro Area Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Washington

0

0

9,270

0

4,516

13,786

202

51.10

23.16

Seattle MSA

0

0

6,279

0

2,742

9,021

159

59.18

23.32

 

 

 

 

 

 

 

 

 

 

King

0

0

3,027

0

1,218

4,245

196

81.95

37.69

Pierce

0

0

1,758

0

850

2,608

123

43.30

-0.38

Snohomish

0

0

1,494

0

674

2,168

129

43.20

34.32

 

 

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