Washington Foreclosure Activity Trends Upward in May

Total foreclosure filings statewide increase 14 percent from April

 

Washington foreclosure activity rose in May to 3,833 properties with foreclosure filings, a 14 percent increase from the previous month, and 48 percent above the level reported for May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.  

 

Washington foreclosures are up both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s unemployment rate is just slightly above the national average, it had one of the highest jumps during the past year of more than 4 percent. This is likely a major factor in the overall foreclosure rise.”

 

Washington ranked 16th in the country in total foreclosures reported for the month. With one in every 716 housing units receiving a foreclosure filing, its foreclosure rate ranked 18th among the 50 states.

 

Five counties accounted for 80 percent of state’s foreclosure activity for May

King County led all counties, reporting 1,002 properties with foreclosure filings for the month. Pierce County posted the second highest total, where 817 properties with foreclosure filings were reported. Snohomish County had the third highest total, reporting 589 properties with foreclosure filings, followed by Clark County, where 498 properties with foreclosure filings were tallied. Kitsap County held the fifth highest total, where 159 properties with foreclosure filings were reported for the month.

 

Clark County posts state’s highest foreclosure rate for May

Clark County posted the highest county foreclosure rate in Washington, with one in every 319 housing units receiving a foreclosure filing during the month. Cowlitz County had the second highest rate, with one in every 355 housing units receiving a foreclosure filing. Pierce County posted the third highest rate, where one in every 385 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Washington represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Washington

0

0

2,531

0

1,302

3,833

716

14.11

48.28

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

1

1

5,954

 n/a

-83.33

Asotin

0

0

4

0

0

4

2,372

-20.00

0.00

Benton

0

0

1

0

0

1

63,290

0.00

-97.06

Chelan

0

0

14

0

2

16

2,059

-30.43

100.00

Clallam

0

0

28

0

14

42

806

16.67

425.00

Clark

0

0

372

0

126

498

319

2.47

81.75

Columbia

0

0

0

0

0

0

 n/a

 n/a

 n/a

Cowlitz

0

0

101

0

16

117

355

18.18

23.16

Douglas

0

0

0

0

1

1

14,563

 n/a

-66.67

Ferry

0

0

0

0

0

0

 n/a

 n/a

 n/a

Franklin

0

0

0

0

10

10

2,230

-33.33

-70.59

Garfield

0

0

0

0

0

0

 n/a

 n/a

 n/a

Grant

0

0

1

0

1

2

15,887

 n/a

-66.67

Grays Harbor

0

0

19

0

2

21

1,634

-16.00

-22.22

Island

0

0

0

0

14

14

2,627

75.00

-33.33

Jefferson

0

0

5

0

1

6

2,678

 n/a

-40.00

King

0

0

633

0

369

1,002

815

29.79

63.19

Kitsap

0

0

118

0

41

159

635

16.91

47.22

Kittitas

0

0

0

0

0

0

 n/a

 n/a

-100.00

Klickitat

0

0

0

0

0

0

 n/a

 n/a

 n/a

Lewis

0

0

3

0

2

5

6,323

25.00

-78.26

Lincoln

0

0

0

0

0

0

 n/a

 n/a

 n/a

Mason

0

0

28

0

14

42

683

-6.67

40.00

Okanogan

0

0

0

0

0

0

 n/a

 n/a

-100.00

Pacific

0

0

11

0

7

18

811

 n/a

200.00

Pend Oreille

0

0

0

0

0

0

 n/a

 n/a

 n/a

Pierce

0

0

483

0

334

817

385

0.12

47.47

San Juan

0

0

0

0

0

0

 n/a

 n/a

-100.00

Skagit

0

0

48

0

24

72

671

-23.40

94.59

Skamania

0

0

0

0

0

0

 n/a

 n/a

 n/a

Snohomish

0

0

433

0

156

589

468

47.25

96.33

Spokane

0

0

3

0

65

68

2,868

28.30

-58.28

Stevens

0

0

0

0

0

0

 n/a

 n/a

 n/a

Thurston

0

0

97

0

37

134

749

15.52

35.35

Wahkiakum

0

0

0

0

0

0

 n/a

 n/a

 n/a

Walla Walla

0

0

4

0

18

22

1,025

-8.33

2100.00

Whatcom

0

0

82

0

32

114

759

-25.49

171.43

Whitman

0

0

3

0

0

3

6,138

50.00

200.00

Yakima

0

0

40

0

15

55

1,504

19.57

-15.38

 

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