Washington Foreclosure Activity Declines in January

Statewide filings down 22 percent from December; Up 11 percent from a year ago

 

Foreclosure activity in Washington decreased in January to 3,495 properties with foreclosure filings, a 22 percent decline from December 2009, but still up 11 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Washington foreclosures fell in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drop was in bank-owned properties, which were down 26 percent for the month. Home sales throughout the state are picking up and unemployment continues to remain below the national average. If these trends continue, we may see foreclosures fall further in the near future.”

 

Washington ranked 22nd in the country in total foreclosures reported for the month. With one in every 799 housing units receiving a foreclosure filing, its foreclosure rate ranked 28th among the 50 states.

 

Pierce County posts top foreclosure rate in the state for January

Pierce County posted the state’s highest county foreclosure rate in January, with one in every 497 housing units receiving a foreclosure filing — 1.6 times the state average. Snohomish County was second, with one in every 505 housing units receiving a foreclosure filing — 1.6 times the state average. Clark County came in third highest, with one in every 511 housing units receiving a foreclosure filing — 1.6 times the state average. Cowlitz County posted the fourth highest foreclosure rate, where one in every 593 housing units received a foreclosure filing during the month. Grays Harbor County documented the fifth highest foreclosure rate, where one in every 694 housing units received a foreclosure filing during the month.

 

King County dominates state in total foreclosure filings for January

King County led all counties, totaling 880 properties with foreclosure filings for the month. Pierce County was second highest, documenting 646 properties with foreclosure filings. Reporting 555 properties with foreclosure filings for the month, Snohomish County had the third highest foreclosure total. Clark County came in fourth highest, reporting 318 properties with foreclosure filings, followed by Spokane County where 157 properties with foreclosure filings were reported.

 

State responsible for less than one percent of nation’s foreclosure total in January

Washington accounted for less than one percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: DefaultNotice 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.

 

 

Washington Top Foreclosure Rates by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Washington

0

0

2,165

0

1,330

3,495

799

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

400

0

246

646

497

0.81

1.61

Snohomish

0

0

345

0

210

555

505

0.80

1.58

Clark

0

0

206

0

112

318

511

0.79

1.56

Cowlitz

0

0

49

0

22

71

593

0.68

1.35

Grays Harbor

0

0

29

0

21

50

694

0.58

1.15

 

           

 

Washington Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Washington

0

0

2,165

0

1,330

3,495

799

-21.76

11.31

 

 

 

 

 

 

 

 

 

 

King

0

0

496

0

384

880

947

-21.99

-14.40

Pierce

0

0

400

0

246

646

497

-13.87

-19.25

Snohomish

0

0

345

0

210

555

505

-14.88

21.18

Clark

0

0

206

0

112

318

511

-15.65

-19.90

Spokane

0

0

110

0

47

157

1,257

-50.00

207.84

 

 

 

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