WASHINGTON FORECLOSURE ACTIVITY INCREASES 3 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 46 Percent From Q1 2008

Monthly Activity Up 38 percent in March, Surges 90 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 9,713 Washington properties in the first quarter of 2009, a 3 percent increase from the previous quarter, and 46 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Evergreen State reported 4,236 properties with foreclosure filings in March, a 38 percent increase from the previous month and 90 percent above its March 2008 total.

 

Washington foreclosures are up across the board,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state lost nearly 100,000 jobs during the past year and its unemployment rate continues to hold above the national average. This, in addition to having the largest decline in home sales during 2008, is definitely contributing to the overall rise.”

 

Washington documented the 18th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 283 housing units received a foreclosure filing during the quarter — came in 21st among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Washington counties accounted for 86 percent of the state’s overall foreclosure activity during the first quarter. King County came in first place, reporting 2,912 properties with foreclosure filings. Pierce County was second, reporting 2,285 properties with foreclosure filings for the quarter. Snohomish County was close behind in third, reporting 1,381 properties with foreclosure filings. Clark County registered the fourth highest total, documenting 1,301 properties with foreclosure filings. Thurston County posted the fifth highest total, where 449 properties with foreclosure filings were reported.

 

Clark County scores highest rate in the state for first quarter

Clark County led the state, with one in every 122 housing units receiving a foreclosure filing — 2.3 times the state average. Pierce County came in second, with one in every 138 housing units receiving a foreclosure filing — 2.1 times the state average. Snohomish County registered the third highest rate, where one in every 200 housing units received a foreclosure filing during the month.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Washington accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Washington

0

0

6,810

0

2,903

9,713

283

2.69%

46.32%

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

4

4

1,489

0.00%

-60.00%

Asotin

0

0

2

0

0

2

4,745

-71.43%

-88.89%

Benton

0

0

1

0

3

4

15,823

-73.33%

-97.48%

Chelan

0

0

45

0

6

51

646

-5.56%

21.43%

Clallam

0

0

88

0

14

102

332

9.68%

3300.00%

Clark

0

0

991

0

310

1,301

122

57.13%

76.53%

Columbia

0

0

0

0

0

0

-100.00%

Cowlitz

0

0

127

0

52

179

232

16.99%

35.61%

Douglas

0

0

0

0

0

0

-100.00%

-100.00%

Ferry

0

0

0

0

0

0

-100.00%

Franklin

0

0

1

0

29

30

743

-21.05%

-62.03%

Garfield

0

0

0

0

0

0

Grant

0

0

0

0

1

1

31,774

-91.67%

-97.06%

Grays Harbor

0

0

37

0

5

42

817

200.00%

-54.35%

Island

0

0

1

0

25

26

1,415

-25.71%

-54.39%

Jefferson

0

0

4

0

0

4

4,017

-55.56%

-81.82%

King

0

0

2,211

0

701

2,912

280

12.69%

103.21%

Kitsap

0

0

4

0

129

133

759

-63.56%

-48.45%

Kittitas

0

0

0

0

0

0

-100.00%

-100.00%

Klickitat

0

0

0

0

0

0

-100.00%

Lewis

0

0

7

0

1

8

3,952

-33.33%

-89.61%

Lincoln

0

0

1

0

1

2

2,743

Mason

0

0

81

0

30

111

259

-8.26%

4.72%

Okanogan

0

0

0

0

0

0

-100.00%

-100.00%

Pacific

0

0

0

0

1

1

14,598

-50.00%

-93.33%

Pend Oreille

0

0

0

0

0

0

-100.00%

-100.00%

Pierce

0

0

1,489

0

796

2,285

138

-17.86%

50.92%

San Juan

0

0

0

0

0

0

-100.00%

-100.00%

Skagit

0

0

134

0

46

180

268

-6.74%

83.67%

Skamania

0

0

0

0

0

0

-100.00%

Snohomish

0

0

1,088

0

293

1,381

200

20.40%

114.11%

Spokane

0

0

48

0

136

184

1,060

-22.36%

-54.46%

Stevens

0

0

0

0

0

0

-100.00%

-100.00%

Thurston

0

0

291

0

158

449

224

-17.61%

63.27%

Wahkiakum

0

0

0

0

1

1

1,942

-75.00%

Walla Walla

0

0

9

0

0

9

2,505

125.00%

800.00%

Whatcom

0

0

96

0

73

169

512

60.95%

29.01%

Whitman

0

0

7

0

0

7

2,631

75.00%

133.33%

Yakima

0

0

47

0

88

135

613

80.00%

-30.41%

 

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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