WASHINGTON FORECLOSURE ACTIVITY UP 1 PERCENT IN MARCH

Statewide Filings Up 29 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Washington reported 2,234 properties with foreclosure filings in March. After a 1 percent increase in February, statewide activity increased almost 1 percent for the month and was up 29 percent from March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“For the second consecutive month Washington foreclosures are up slightly on a monthly basis but are still well above the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is below the national average, however, job growth in certain sectors – such as in financial services — is beginning to slow down in the region. Also, home price appreciation statewide has slowed down significantly. Together these are two factors that are contributing to the overall rise in foreclosure activity we are seeing.”

 

Washington ranked 21st in the country in total foreclosure filings for the month. With one in every 1,208 households receiving a foreclosure filing, the state’s foreclosure rate ranked 25th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Washington counties accounted for 73 percent of all foreclosure activity in the state for March. King County led the state, reporting 527 properties with foreclosure filings for the month. Pierce County came in second, documenting 512 properties with foreclosure filings. Clark County had the third highest total, reporting 234 properties with foreclosure filings.  Fourth highest total was documented in Snohomish County, where 228 properties with foreclosure filings were reported. Spokane County came in fifth, reporting 133 properties with foreclosure filings for the month.

 

Pierce County posts state’s top foreclosure rate for March

Pierce County tallied the highest county foreclosure rate in the state in March, with one in every 604 households receiving a foreclosure filing — twice the state average. Clark County posted the state’s second highest rate, with one in every 667 households receiving a foreclosure filing — 1.8 times the state average. The third highest rate in the state was reported in Franklin County, where one in every 831 households received a foreclosure filing in March — 1.5 times the state average.

 

State a minor contributor to nation’s foreclosure total in March

Total filings in Washington accounted for 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Washington

12

0

1,843

0

379

2,234

1,208

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

2

0

0

2

2,971

0.18

0.41

Asotin

0

0

8

0

0

8

1,179

0.46

1.03

Benton

1

0

32

0

19

52

1,202

0.45

1.01

Chelan

0

0

16

0

0

16

2,020

0.27

0.60

Clallam

0

0

1

0

2

3

11,172

0.05

0.11

Clark

0

0

217

0

17

234

667

0.81

1.81

Columbia

0

0

1

0

0

1

2,069

0.26

0.58

Cowlitz

0

0

17

0

4

21

1,952

0.28

0.62

Douglas

0

0

5

0

0

5

2,853

0.19

0.42

Ferry

0

0

0

0

1

1

3,930

0.14

0.31

Franklin

1

0

23

0

2

26

831

0.65

1.45

Garfield

0

0

0

0

0

0

n/a

0.00

0.00

Grant

0

0

11

0

2

13

2,393

0.23

0.50

Grays Harbor

2

0

30

0

4

36

941

0.58

1.28

Island

0

0

13

0

1

14

2,587

0.21

0.47

Jefferson

0

0

2

0

2

4

3,955

0.14

0.31

King

2

0

445

0

80

527

1,525

0.36

0.79

Kitsap

0

0

72

0

18

90

1,110

0.49

1.09

Kittitas

0

0

6

0

0

6

3,136

0.17

0.39

Klickitat

0

0

0

0

0

0

 n/a

0.00

0.00

Lewis

0

0

20

0

5

25

1,245

0.44

0.97

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

1

0

23

0

7

31

910

0.60

1.33

Okanogan

0

0

6

0

1

7

2,866

0.19

0.42

Pacific

0

0

3

0

1

4

3,618

0.15

0.33

Pend Oreille

0

0

1

0

0

1

6,974

0.08

0.17

Pierce

0

0

396

0

116

512

604

0.90

2.00

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

Skagit

0

0

21

0

7

28

1,692

0.32

0.71

Skamania

0

0

3

0

0

3

1,652

0.33

0.73

Snohomish

1

0

178

0

49

228

1,187

0.46

1.02

Spokane

0

0

126

0

7

133

1,442

0.38

0.84

Stevens

0

0

10

0

0

10

1,845

0.29

0.66

Thurston

0

0

63

0

24

87

1,120

0.48

1.08

Wahkiakum

0

0

0

0

0

0

 n/a

0.00

0.00

Walla Walla

0

0

0

0

0

0

 n/a

0.00

0.00

Whatcom

0

0

46

0

5

51

1,672

0.32

0.72

Whitman

0

0

0

0

0

0

 n/a

0.00

0.00

Yakima

4

0

46

0

5

55

1,495

0.36

0.81

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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