WASHINGTON FORECLOSURE ACTIVITY DOWN 33 PERCENT IN NOVEMBER

Statewide Filings Increase 15 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – Washington reported 2,848 properties with foreclosure filings in November, a 33 percent decline from the previous month but still 15 percent ahead of the level reported for November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“After more than doubling in October, foreclosure activity in Washington backed off somewhat in November although it was still up from this time last year,” said a James J. Saccacio, chief executive officer of RealtyTrac. “Despite this momentary lapse, however, the state’s economic indicators suggest that foreclosure levels may continue to climb in the future. Of particular concern is unemployment, which has gained two percent since the beginning of the year, and the lackluster performance of the state’s housing sector both in terms of home sales and plummeting home prices.”

 

Washington ranked 19th in the country in total foreclosures for the month. With one in every 948 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Five counties account for bulk of state’s foreclosure activity for November

Five Washington counties accounted for 85 percent of all foreclosure activity in the state for November. Pierce County led the state, reporting 969 properties with foreclosure filings for the month. King County documented the state’s second highest total, reporting 709 properties with foreclosure filings. Clark and Snohomish counties tied for third highest, each reporting 311 properties with foreclosure filings. Kitsap County came in fifth place, documenting 127 properties with foreclosure filings.

 

Pierce County posts top foreclosure rate for November

With one in every 319 housing units receiving a foreclosure filing for the month — three times the state average and 1.5 times the national average — Pierce County tallied the highest county foreclosure rate in the state for November. Clark County posted the state’s second highest rate, with one in every 502 housing units receiving a foreclosure filing during the month — 1.9 times the state average and on par with the national average. The third highest rate in the state was reported in Kitsap County, where one in every 786 housing units received a foreclosure filing in November — 1.2 times the state average.

 

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

Washington accounted for 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Washington

78

0

1,710

0

1,060

2,848

948

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

2

2

2,971

0.16

0.32

Asotin

0

0

2

0

0

2

4,715

0.10

0.20

Benton

0

0

1

0

1

2

31,249

0.02

0.03

Chelan

1

0

10

0

0

11

2,939

0.17

0.32

Clallam

0

0

6

0

2

8

4,190

0.12

0.23

Clark

13

0

149

0

149

311

502

0.97

1.89

Columbia

0

0

0

0

0

0

 n/a

0.00

0.00

Cowlitz

2

0

28

0

10

40

1,025

0.48

0.92

Douglas

0

0

0

0

0

0

 n/a

0.00

0.00

Ferry

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

1

0

1

0

15

17

1,270

0.38

0.75

Garfield

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

2

0

0

0

0

2

15,553

0.03

0.06

Grays Harbor

4

0

0

0

2

6

5,647

0.09

0.17

Island

0

0

0

0

6

6

6,036

0.08

0.16

Jefferson

0

0

2

0

0

2

7,910

0.06

0.12

King

22

0

429

0

258

709

1,133

0.43

0.84

Kitsap

2

0

80

0

45

127

786

0.62

1.21

Kittitas

0

0

0

0

0

0

 n/a

0.00

0.00

Klickitat

0

0

0

0

0

0

 n/a

0.00

0.00

Lewis

1

0

1

0

0

2

15,569

0.03

0.06

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

16

0

11

27

1,045

0.47

0.91

Okanogan

0

0

0

0

0

0

 n/a

0.00

0.00

Pacific

0

0

0

0

0

0

 n/a

0.00

0.00

Pend Oreille

0

0

0

0

0

0

 n/a

0.00

0.00

Pierce

12

0

697

0

260

969

319

1.53

2.97

San Juan

0

0

3

0

0

3

3,687

0.13

0.26

Skagit

2

0

37

0

18

57

831

0.59

1.14

Skamania

0

0

0

0

0

0

 n/a

0.00

0.00

Snohomish

11

0

182

0

118

311

870

0.56

1.09

Spokane

2

0

11

0

60

73

2,627

0.19

0.36

Stevens

0

0

0

0

0

0

 n/a

0.00

0.00

Thurston

1

0

53

0

45

99

984

0.50

0.96

Wahkiakum

0

0

0

0

0

0

 n/a

0.00

0.00

Walla Walla

0

0

0

0

0

0

 n/a

0.00

0.00

Whatcom

2

0

0

0

28

30

2,843

0.17

0.33

Whitman

0

0

1

0

0

1

18,123

0.03

0.05

Yakima

0

0

1

0

30

31

2,653

0.18

0.36

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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