Washington Foreclosure Activity Rose in Second Quarter

Activity level rose 51 percent from Q1

Foreclosure filings increase 5 percent mid-year; up 3 percent in June

 

Washington reported 13,786 properties with foreclosure filings for the second quarter of 2010, a 51 percent rise from the first quarter and 23 percent above the level reported in the second quarter of 2009. 

 

Activity level in Washington rose during the first half of 2010 as well as for the month of June. For the first six months of the year, Washington reported 20,960 properties with foreclosure filings, a 5 percent rise in activity from the second half of 2009 and 6 percent above the level reported mid-year 2009. In June the state tallied 5,020 properties with foreclosure filings, an increase of 3 percent from the previous month and up 7 percent from June 2009.

 

“Foreclosure activity rose in Washington in the second quarter of 2010 well above both the previous quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “On a brighter note, unemployment in Washington recently saw a slight improvement, dropping below 9 percent in June, which could slow foreclosure activity should this trend continue.”

 

One in every 202 Washington housing units received a foreclosure filing during the quarter, giving the state the 19th highest foreclosure rate in the nation.

 

Gray’s Harbor County posts state’s top foreclosure rate for the quarter

Gray’s Harbor County posted the highest county foreclosure rate in Washington during the second quarter, with one in every 112 housing units receiving a foreclosure filing — 1.8 times the state average. Pierce County posted the second highest foreclosure rate, with one in every 123 housing units receiving a foreclosure filing — 1.6 times the state average. Snohomish County had the third highest foreclosure rate, with one in every 129 housing units receiving a foreclosure filing — 1.6 times the state average.

 

King County leads state in total foreclosures for the second quarter

King County reported 4,245 properties with foreclosure filings for the quarter. Pierce County had the second highest total, reporting 2,608 properties with foreclosure filings. Reporting 2,168 properties with foreclosure filings for the quarter, Snohomish County came in third. Clark County was fourth, reporting 1,164 properties with foreclosure filings. Fifth highest total was Kitsap County, where 496 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Washington represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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: 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Washington

0

0

9,270

0

4,516

13,786

202

0.71

n/a

 

 

 

 

 

 

 

 

 

 

Gray’s Harbor

0

0

78

0

231

309

112

1.28

1.80

Pierce

0

0

1,758

0

850

2,608

123

1.17

1.64

Snohomish

0

0

1,494

0

674

2,168

129

1.11

1.57

Clark

0

0

818

0

346

1,164

140

1.03

1.45

Skagit

0

0

215

0

87

302

162

0.89

1.25

 

 

Washington Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Washington

0

0

9,270

0

4,516

13,786

202

51.10

23.16

 

 

 

 

 

 

 

 

 

 

King

0

0

3,027

0

1,218

4,245

196

81.95

37.69

Pierce

0

0

1,758

0

850

2,608

123

43.30

-0.38

Snohomish

0

0

1,494

0

674

2,168

129

43.20

34.32

Clark

0

0

818

0

346

1,164

140

32.57

-17.27

Kitsap

0

0

365

0

131

496

206

48.50

13.76

 

 

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