The Seattle Metro Area Foreclosure Activity Rose in May

Metro area filings increase 16 percent in April; up 33 percent from year ago

 

Foreclosure activity in the Seattle metro area rose 16 percent in May to 3,205 properties with foreclosure filings. This latest metro area total represents a 33 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The Seattle metro area reported another hike in foreclosure activity in May, remaining well above what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “At 8.4 percent, the unemployment rate for the area is currently below that of the state of Washington and it slowly continues to improve. With this slow-but-steady job growth, residents of the metro area could start to see foreclosure activity begin to edge back down later this year.”

 

The Seattle metro area had the 21st 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 448 Seattle Metro Area housing units received a foreclosure filing in May, ranking 74th among the same 203 metro areas.

 

Pierce County led the metro area in foreclosure rate for May

Pierce County posted the highest county foreclosure rate in the metro area, with one in every 343 housing units receiving a foreclosure filing — 1.2 times the national average and 1.7 times the state average. Snohomish County came in second, with one in every 367 housing units receiving a foreclosure filing — 1.1 times the national average and 1.6 times the state average. With one in every 555 housing units receiving a foreclosure filing — on par with the state average — King County had the third highest foreclosure rate in the state.

 

King County tops in foreclosure total for May

King County led the metro area, reporting 1,502 properties with foreclosure filings for the month. Pierce County was in second, documenting 938 properties with foreclosure filings. Reporting 765 properties with foreclosure filings for the month, Snohomish County held the third highest total.

 

State ranks in middle of the pack nationally in foreclosure filings

Washington reported 4,860 properties with foreclosure filings for the month, giving it the 15th highest state total in the nation. This latest total represents an 11 percent increase from the previous month and 27 percent above the level reported in May 2009. One in every 574 Washington housing units received a foreclosure filing during the month, the 20th highest state foreclosure rate in the nation.

 

State is a moderate contributor to nation’s monthly foreclosure total in May

Washington accounted for 2 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Washington

0

0

3,138

0

1,722

4,860

574

0.70

n/a

Seattle Metro Area

0

0

2,229

0

976

3,205

448

0.89

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

633

0

305

938

343

1.17

1.68

Snohomish

0

0

507

0

258

765

367

1.09

1.57

King

0

0

1,089

0

413

1,502

555

0.72

1.04

 

 

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

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Washington

0

0

3,138

0

1,722

4,860

574

11.34

26.79

Seattle Metro Area

0

0

2,229

0

976

3,205

448

16.04

33.10

 

 

 

 

 

 

 

 

 

 

King

0

0

1,089

0

413

1,502

555

17.16

49.90

Pierce

0

0

633

0

305

938

343

16.52

14.81

Snohomish

0

0

507

0

258

765

367

13.33

29.88

 

 

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