Washington Foreclosure Activity Speeds Up in July

Statewide foreclosure filings up 13 percent from June

 

Foreclosure activity in Washington increased 13 percent in July to 5,682 properties with foreclosure filings, 6 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Washington foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 35 percent for the month. The state’s home values dropped a bit further than the national average during the past year. This is likely contributing to the overall rise.”

 

Washington ranked 12th in the country in total foreclosures reported for the month. With one in every 491 housing units receiving a foreclosure filing, its foreclosure rate ranked 14th among the 50 states.

 

Cowlitz County posts top county foreclosure rate in July

Cowlitz County posted the top foreclosure rate in Washington for the month, with one in every 275 housing units receiving a foreclosure filing in July. Pierce County posted the second highest foreclosure rate, with one in every 302 housing units receiving a foreclosure filing during the month. Coming in third was Snohomish County, where one in every 311 housing units received a foreclosure filing in July.

 

King County dominates state with top foreclosure total for July

King County led the state in total foreclosure activity, reporting 1,810 properties with foreclosure filings in July. Second highest Pierce County reported 1,065 properties with foreclosure filings. Snohomish County came in third highest, tallying 901 properties with foreclosure filings. Fourth highest was Clark County, where 500 properties with foreclosure filings were reported. Kitsap County was fifth, reporting 220 properties with foreclosure filings for the month.

 

State contributes 2 percent to nation’s monthly foreclosure total

Washington accounted for 2 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Washington

0

0

3,688

0

1,994

5,682

491

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Cowlitz

0

0

110

0

43

153

275

1.44

1.79

Pierce

0

0

720

0

345

1,065

302

1.32

1.63

Snohomish

0

0

581

0

320

901

311

1.27

1.58

Clark

0

0

313

0

187

500

325

1.22

1.51

Skagit

0

0

78

0

51

129

380

1.05

1.29

 

 

Washington Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Washington

0

0

3,688

0

1,994

5,682

491

13.19

5.81

 

 

 

 

 

 

 

 

 

 

King

0

0

1,233

0

577

1,810

460

12.07

2.14

Pierce

0

0

720

0

345

1,065

302

15.38

15.14

Snohomish

0

0

581

0

320

901

311

16.71

15.66

Clark

0

0

313

0

187

500

325

30.21

-20.51

Kitsap

0

0

138

0

82

220

464

4.27

-14.73

 

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