WASHINGTON FORECLOSURE ACTIVITY UP 10 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 2,742 Washington properties in June, a 10 percent increase from the previous month, and 69 percent above the level reported for June 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 1.5 million properties from over 2,200 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.

 

Washington’s unemployment rate rose to 5.5 percent in June, making it equal to the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “With this in mind, it follows that the state is seeing an increase in foreclosure activity.”

 

Washington ranked 20th in the country in total properties with foreclosure filings reported for June. One in every 984 Washington households received a foreclosure filing during the month, ranking 22nd among the 50 states.

 

Pierce County tops in foreclosure activity for June

Pierce County led Washington in foreclosure activity, reporting 640 properties with foreclosure filings. King County posted the second highest foreclosure total, reporting 635 properties with foreclosure filings. Snohomish County registered the third highest foreclosure total, reporting 280 properties with foreclosure filings. Clark County came in fourth, reporting 278 properties with foreclosure filings, followed by Spokane County, which reported 142 properties with foreclosure filings for the month.

 

Pierce County posts state’s highest foreclosure rate in June

Pierce County posted the highest foreclosure rate in Washington for June, with one in every 483 households receiving a foreclosure filing in June — twice the state average. Mason County registered the second highest foreclosure rate, where one in every 543 households received a foreclosure filing — 1.8 times the state average. Cowlitz County had the third highest foreclosure rate, with one in every 554 households receiving a foreclosure filing — 1.8 times the state average. Clark County documented the fourth highest foreclosure rate, where one in every 561 households received a foreclosure filing during the month. Skagit County came in fifth place with a rate of one in every 718 households receiving a foreclosure filing in June.

 

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

Washington accounted for 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 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 Data by County – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Washington

2

0

2,048

0

692

2,742

984

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Adams

1

0

0

0

2

3

1,980

0.25

0.50

Asotin

0

0

5

0

0

5

1,886

0.27

0.52

Benton

0

0

66

0

14

80

781

0.64

1.26

Chelan

0

0

5

0

4

9

3,592

0.14

0.27

Clallam

0

0

8

0

2

10

3,352

0.15

0.29

Clark

0

0

224

0

54

278

561

0.89

1.75

Columbia

0

0

2

0

0

2

1,035

0.48

0.95

Cowlitz

0

0

46

0

28

74

554

0.90

1.78

Douglas

0

0

0

0

0

0

n/a

0.00

0.00

Ferry

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

0

16

0

5

21

1,028

0.49

0.96

Garfield

0

0

0

0

0

0

n/a

0.00

0.00

Grant

0

0

14

0

4

18

1,728

0.29

0.57

Grays Harbor

0

0

24

0

4

28

1,210

0.41

0.81

Island

0

0

20

0

8

28

1,293

0.39

0.76

Jefferson

0

0

4

0

0

4

3,955

0.13

0.25

King

1

0

477

0

157

635

1,265

0.40

0.78

Kitsap

0

0

87

0

32

119

839

0.60

1.17

Kittitas

0

0

5

0

3

8

2,352

0.21

0.42

Klickitat

0

0

0

0

0

0

n/a

0.00

0.00

Lewis

0

0

15

0

4

19

1,639

0.31

0.60

Lincoln

0

0

0

0

1

1

5,458

0.09

0.18

Mason

0

0

40

0

12

52

543

0.92

1.81

Okanogan

0

0

2

0

0

2

10,032

0.05

0.10

Pacific

0

0

9

0

2

11

1,316

0.38

0.75

Pend Oreille

0

0

0

0

0

0

n/a

0.00

0.00

Pierce

0

0

452

0

188

640

483

1.04

2.04

San Juan

0

0

3

0

1

4

2,765

0.18

0.36

Skagit

0

0

49

0

17

66

718

0.70

1.37

Skamania

0

0

0

0

1

1

4,955

0.10

0.20

Snohomish

0

0

224

0

56

280

966

0.52

1.02

Spokane

0

0

108

0

34

142

1,350

0.37

0.73

Stevens

0

0

16

0

1

17

1,085

0.46

0.91

Thurston

0

0

48

0

40

88

1,108

0.45

0.89

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

47

0

12

59

1,446

0.35

0.68

Whitman

0

0

0

0

0

0

n/a

0.00

0.00

Yakima

0

0

32

0

6

38

2,164

0.23

0.45

 

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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