Washington Foreclosure Activity Increases in May

Statewide foreclosure filings up 11 percent from April; Rose 27 percent from May 2009

 

Foreclosure activity in Washington rose 11 percent in May to 4,860 properties with foreclosure filings and 27 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Washington foreclosures were up in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which climbed 27 percent for the month. The state’s home values fell further than the national average during the first quarter. This has likely contributed to the recent rise.”

 

Washington ranked 15th in the country in total foreclosures reported for the month. With one in every 574 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Grays Harbor County dominates foreclosure rate in May

Grays Harbor County posted the highest foreclosure rate in Washington for May, with one in every 151 housing units receiving a foreclosure filing — 3.8 times the state average. Pierce County came in second, with one in every 343 housing units receiving a foreclosure filing — 1.7 times the state average. Snohomish County had the third highest foreclosure rate, with one in every 367 housing units receiving a foreclosure filing — 1.6 times the state average. Clark County documented the fourth highest foreclosure rate in May, with one in every 432 housing units receiving a foreclosure filing.

 

King County tops in foreclosure total for May

King County came out on top, reporting 1,502 properties with foreclosure filings for the month. Pierce County followed in second, documenting 938 properties with foreclosure filings. Reporting 765 properties with foreclosure filings for the month, Snohomish County reported the third highest ranking. Clark County was fourth highest, reporting 376 properties with foreclosure filings.

 

State contributes 2 percent to nation’s monthly foreclosure total in May

Washington accounted for 2 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Washington

0

0

3,138

0

1,722

4,860

574

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Grays Harbor

0

0

40

0

189

229

151

2.64

3.79

Pierce

0

0

633

0

305

938

343

1.17

1.68

Snohomish

0

0

507

0

258

765

367

1.09

1.57

Clark

0

0

255

0

121

376

432

0.92

1.33

Cowlitz

0

0

50

0

31

81

520

0.77

1.11

 

Washington Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Washington

0

0

3,138

0

1,722

4,860

574

11.34

26.79

 

 

 

 

 

 

 

 

 

 

King

0

0

1,089

0

413

1,502

555

17.16

49.90

Pierce

0

0

633

0

305

938

343

16.52

14.81

Snohomish

0

0

507

0

258

765

367

13.33

29.88

Clark

0

0

255

0

121

376

432

-14.93

-24.50

Grays Harbor

0

0

40

0

189

229

151

340.38

990.48

 

 

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