Washington Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings down from last year

March numbers up from a month earlier; down from a year ago

 

Foreclosure activity in Washington fell 12 percent during the first quarter of 2010, and was down 6 percent from the same period last year. In all, the state reported 9,124 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 3,117 properties with foreclosure filings, a 17 percent increase from the previous month, but 26 percent below the level reported in March 2009. One in every 896 Washington housing units received a foreclosure filing during the month, ranking it 32nd in state foreclosure rates.

 

“After climbing minimally during the previous quarter, Washington foreclosures dropped during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 100 percent for the quarter. The state’s unemployment rate still remains slightly below the national average, and home sales really picked up at the end of last year. These trends are definitely contributing to the recent decline.”

 

Washington ranked 25th in the country in total foreclosures reported for the first quarter. With one in every 306 housing units receiving a foreclosure filing, its foreclosure rate ranked 32nd among the 50 states.

 

Pierce County tops in foreclosure rate for the first quarter

Pierce County posted the highest county foreclosure rate in Washington during the first quarter, as one in every 177 housing units received a foreclosure filing — 1.7 times the state average. Clark County came in second, with one in every 185 housing units receiving a foreclosure filing — 1.7 times the state average. Snohomish County came in third highest foreclosure rate, with one in every 185 housing units receiving a foreclosure filing — 1.7 times the state average.

 

King County led state in total foreclosures for the first quarter

King County documented 2,333 properties with foreclosure filings for the first quarter. Pierce County was second, reporting 1,820 properties with foreclosure filings. Snohomish County came in third, reporting 1,514 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Washington represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Washington

0

0

5,685

0

3,439

9,124

306

0.00

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

1,200

0

620

1,820

177

0.78

1.73

Clark

0

0

605

0

273

878

185

0.75

1.65

Snohomish

0

0

946

0

568

1,514

185

0.75

1.65

Cowlitz

0

0

118

0

63

181

233

0.60

1.32

Skagit

0

0

122

0

76

198

247

0.56

1.24

 

 

 

Washington Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Washington

0

0

5,685

0

3,439

9,124

306

-12.00

-6.06

 

 

 

 

 

 

 

 

 

 

King

0

0

1,316

0

1,017

2,333

357

0.39

0.86

Pierce

0

0

1,200

0

620

1,820

177

0.78

1.73

Snohomish

0

0

946

0

568

1,514

185

0.75

1.65

Clark

0

0

605

0

273

878

185

0.75

1.65

Kitsap

0

0

224

0

110

334

305

0.45

1.00

 

 

 

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