Washington Foreclosure Activity Down in Third Quarter

Total foreclosure filings down 7 percent from Q2, but up 33 percent from Q3 2008.

 

Washington reported 10,375 properties with foreclosure filings in the third quarter of 2009, a decrease of 7 percent from the previous quarter but 33 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Washington foreclosures dropped during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which were down 23 percent for the quarter. The state’s 9.3 percent unemployment rate is still below the national average, and home sales have really begun to pick up this year. This is likely contributing to the recent decrease.”

 

Washington ranked 21st in the country in total foreclosures reported for the third quarter. With one in every 264 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Foreclosure activity in the Evergreen State was up 15 percent in September from the previous month to 3,056 properties with foreclosure filings, and elevated on a yearly basis, up 56 percent from September 2008. The state’s foreclosure rate was 32nd highest in the nation for the month — with one in every 898 housing units receiving a foreclosure filing.

 

Clark County posts state’s top foreclosure rate in the third quarter

Clark County posted the highest county foreclosure rate in the state for the third quarter, with one in every 135 housing units receiving a foreclosure filing — two times the state average. Cowlitz County was second, with one in every 175 housing units receiving a foreclosure filing during the quarter — 1.5 times the state average. Third highest rate was posted by Pierce County, where one in every 177 housing units received a foreclosure filing — 1.5 times the state average.

 

Five counties accounted for 79 percent of foreclosure activity in the third quarter

King County led the way, tallying 3,176 properties with foreclosure filings for the quarter. Pierce County came in second highest, reporting 1,781 properties with foreclosure filings. Snohomish County came in third, tallying 1,538 properties with foreclosure filings. Clark County posted the fourth highest foreclosure activity for the quarter, reporting 1,174 properties with foreclosure filings. Kitsap County documented 488 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Washington accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Washington

0

0

6,142

0

4,233

10,375

264.49

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Clark

0

0

718

0

456

1,174

135

1.01

1.96

Cowlitz

0

0

146

0

92

238

175

0.78

1.51

Pierce

0

0

862

0

919

1,781

177

0.77

1.50

Snohomish

0

0

1,051

0

487

1,538

179

0.76

1.47

Skagit

0

0

163

0

95

258

187

0.73

1.41

 

 

Washington Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Washington

0

0

6,142

0

4,233

10,375

264.49

-7.32

33.00

 

 

 

 

 

 

 

 

 

 

King

0

0

2,105

0

1,071

3,176

257

3.02

58.96

Pierce

0

0

862

0

919

1,781

177

-31.97

-1.87

Snohomish

0

0

1,051

0

487

1,538

179

-4.71

70.51

Clark

0

0

718

0

456

1,174

135

-16.56

56.32

Kitsap

0

0

253

0

235

488

207

11.93

40.63

 

 

Washington Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Washington

0

0

1,684

0

1,372

3,056

898

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Cowlitz

0

0

47

0

40

87

478

0.78

1.88

Clark

0

0

196

0

131

327

485

0.77

1.85

Kitsap

0

0

111

0

79

190

531

0.70

1.69

Mason

0

0

18

0

28

46

624

0.60

1.44

Skagit

0

0

50

0

27

77

627

0.59

1.43

 

 

Washington Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Washington

0

0

1,684

0

1,372

3,056

898

15.02

56.56

 

 

 

 

 

 

 

 

 

 

King

0

0

606

0

314

920

1,785

28.57

50.00

Pierce

0

0

143

0

286

429

733

-20.99

-19.51

Snohomish

0

0

265

0

148

413

668

-7.19

58.85

Clark

0

0

196

0

131

327

485

11.22

127.08

Kitsap

0

0

111

0

79

190

531

156.76

120.93

 

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