WASHINGTON FORECLOSURE ACTIVITY DOWN 4 PERCENT IN FEBRUARY

Foreclosure Activity Increases 36 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Washington reported 3,021 properties with foreclosure filings in February, a 4 percent decrease from the previous month, but still 36 percent above the level reported for February 2008, 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.

 

“Foreclosure activity decreased in Washington in February, though the level of activity remained higher than at the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Washington is on the rise, hitting 8.4 percent in February, with the biggest cuts seen in the professional and business services sectors.”

 

Washington ranked 20th in the country in total properties with foreclosure filings for February. One in every 908 Washington housing units received a foreclosure filing during the month, the 25th highest state foreclosure rate in the nation.

 

King County leads state in foreclosure activity

King County led the state, reporting 971 properties with foreclosure filings for the month. Pierce County was second highest, reporting 694 properties with foreclosure filings. Third highest was Snohomish County, reporting 478 properties with foreclosure filings. Clark County was in fourth place, documenting 388 properties with foreclosure filings. Fifth highest total was tallied in Thurston County, where 120 properties with foreclosure filings were reported.

 

Clark County posts top foreclosure rate

Clark County reported the highest county foreclosure rate in the state for February, with one in every 409 housing units receiving a foreclosure filing — 2.2 times the state average. Pierce County came in second, with one in every 453 housing units receiving a foreclosure filing — twice the state average. Snohomish County posted the third highest foreclosure rate, where one in every 5778 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

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

Washington accounted for 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Washington

0

0

2,055

0

966

3,021

908

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

 n/a

0.00

0.00

Asotin

0

0

0

0

0

0

 n/a

0.00

0.00

Benton

0

0

0

0

1

1

63,290

0.01

0.01

Chelan

0

0

5

0

2

7

4,706

0.09

0.19

Clallam

0

0

4

0

7

11

3,078

0.14

0.30

Clark

0

0

250

0

138

388

409

1.08

2.22

Columbia

0

0

0

0

0

0

 n/a

0.00

0.00

Cowlitz

0

0

2

0

27

29

1,434

0.31

0.63

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

0

0

0

0

16

16

1,394

0.32

0.65

Garfield

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

0

0

1

1

31,774

0.01

0.03

Grays Harbor

0

0

7

0

1

8

4,289

0.10

0.21

Island

0

0

0

0

5

5

7,356

0.06

0.12

Jefferson

0

0

0

0

0

0

 n/a

0.00

0.00

King

0

0

754

0

217

971

841

0.52

1.08

Kitsap

0

0

0

0

41

41

2,461

0.18

0.37

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

0

0

8

0

0

8

3,952

0.11

0.23

Lincoln

0

0

0

0

1

1

5,486

0.08

0.17

Mason

0

0

21

0

7

28

1,025

0.43

0.89

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

0

0

437

0

257

694

453

0.97

2.00

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

Skagit

0

0

50

0

15

65

743

0.59

1.22

Skamania

0

0

0

0

0

0

 n/a

0.00

0.00

Snohomish

0

0

381

0

97

478

577

0.76

1.57

Spokane

0

0

32

0

54

86

2,268

0.19

0.40

Stevens

0

0

0

0

0

0

 n/a

0.00

0.00

Thurston

0

0

95

0

25

120

837

0.53

1.09

Wahkiakum

0

0

0

0

0

0

 n/a

0.00

0.00

Walla Walla

0

0

4

0

0

4

5,637

0.08

0.16

Whatcom

0

0

0

0

16

16

5,410

0.08

0.17

Whitman

0

0

1

0

0

1

18,414

0.02

0.05

Yakima

0

0

4

0

38

42

1,969

0.22

0.46

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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