Washington Foreclosure Activity Down Slightly in November

Statewide filings fall 2 percent from October; up 15 from previous year

 

Washington foreclosure activity fell in November to 3,288 properties with foreclosure filings, down one percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 15 percent ahead of the level reported in November 2008.

 

“Washington foreclosures fell slightly in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which declined 15 percent. The state’s unemployment rate also dropped during the month for the first time in quite a while, and home sales are picking up. These factors are likely driving the recent decline.”

 

Washington ranked 21st in the country in total foreclosures reported for the month. With one in every 835 housing units receiving a foreclosure filing, its foreclosure rate ranked 28th among the 50 states.

 

Pierce County posts state’s highest foreclosure rate in November

Pierce County posted the highest county foreclosure rate in the state for November, with one in every 418 housing units receiving a foreclosure filing — twice the state average. Snohomish County had the second highest foreclosure rate, with one in every 624 housing units receiving a foreclosure filing — 1.3 times the state average. Cowlitz County came in third highest, with one in every 705 housing units receiving a foreclosure filing — 1.2 times the state average.

 

King County led state in total foreclosure filings for November

King County led all counties, totaling 1,076 properties with foreclosure filings for the month. Pierce County was second highest once again, documenting 752 properties with foreclosure filings. Reporting 442 properties with foreclosure filings for the month, Snohomish County had the third highest total in the state, while Clark County was fourth highest, reporting 221 properties with foreclosure filings for the month.

 

State contributed 1 percent to nation’s foreclosure total in November

Washington accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Washington

1

0

1,719

0

1,568

3,288

835

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

367

0

385

752

418

1.00

2.00

Snohomish

0

0

246

0

196

442

624

0.67

1.34

Cowlitz

0

0

35

0

24

59

705

0.59

1.18

Mason

0

0

20

0

20

40

717

0.58

1.16

Clark

0

0

100

0

121

221

718

0.58

1.16

 

 

 

Washington Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Washington

1

0

1,719

0

1,568

3,288

835

-1.47

15.45

 

 

 

 

 

 

 

 

 

 

King

1

0

572

0

503

1,076

759

0.55

1.10

Pierce

0

0

367

0

385

752

418

1.00

2.00

Snohomish

0

0

246

0

196

442

624

0.67

1.34

Clark

0

0

100

0

121

221

718

0.58

1.16

Kitsap

0

0

84

0

54

138

731

0.57

1.14

 

 

 

 

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