WASHINGTON FORECLOSURE ACTIVITY UP 119 PERCENT IN OCTOBER

Foreclosure Filings Statewide Increase 95 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 4,278 Washington properties in October, an increase of 119 percent from the previous month, and 95 percent above the level reported for October 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.

 

“Foreclosure filings in Washington more than doubled between September and October, and nearly doubled compared to the activity reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state was 6.3 percent in October, barely below the national average.”

 

Washington ranked 14th in the country in total properties with foreclosure filings for October. One in every 631 Washington housing units received a foreclosure filing during the month, ranking 17th among the 50 states.

 

Pierce County tops in foreclosure activity for October

Pierce County led the state reporting 1,308 properties with foreclosure filings for the month. King County came in second highest, reporting 1,232 properties with foreclosure filings. Snohomish County ranked third highest, reporting 607 properties with foreclosure filings. Thurston County came in fourth place, documenting 261 properties with foreclosure filings.

 

Pierce County post state’s top rate for October

Pierce County posted the highest foreclosure rate, with one in every 236 housing units receiving a foreclosure filing during the month — 2.7 times the state average and 1.9 times the national average. Thurston County documented the second highest foreclosure rate, where one in every 373 housing units received a foreclosure filing — 1.7 times the state average. Cowlitz County registered the third highest foreclosure rate, where one in every 383 housing units received a foreclosure filing during the month — 1.7 times the state average.

 

State a contributor to nation’s foreclosure total in October

Washington accounted for 2 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Washington

16,245

0

20,078

0

20,631

56,954

231

1.95

n/a

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

1

1

5,941

0.08

0.11

Asotin

0

0

0

0

0

0

 n/a

0.00

0.00

Benton

1

0

0

0

1

2

31,249

0.01

0.02

Chelan

0

0

22

0

2

24

1,347

0.34

0.47

Clallam

1

0

43

0

11

55

609

0.74

1.04

Clark

6

0

83

0

146

235

664

0.68

0.95

Columbia

0

0

0

0

0

0

 n/a

0.00

0.00

Cowlitz

1

0

77

0

29

107

383

1.18

1.65

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

0

0

11

11

1,963

0.23

0.32

Garfield

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

1

0

1

2

15,553

0.03

0.04

Grays Harbor

0

0

1

0

4

5

6,776

0.07

0.09

Island

2

0

0

0

9

11

3,292

0.14

0.19

Jefferson

0

0

8

0

0

8

1,977

0.23

0.32

King

11

0

935

0

286

1,232

652

0.69

0.97

Kitsap

2

0

59

0

69

130

768

0.59

0.82

Kittitas

0

0

0

0

0

0

 n/a

0.00

0.00

Klickitat

0

0

0

0

0

0

 n/a

0.00

0.00

Lewis

0

0

2

0

1

3

10,379

0.04

0.06

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

1

0

52

0

20

73

387

1.17

1.63

Okanogan

0

0

0

0

1

1

20,064

0.02

0.03

Pacific

0

0

0

0

0

0

 n/a

0.00

0.00

Pend Oreille

0

0

0

0

0

0

 n/a

0.00

0.00

Pierce

13

0

1,121

0

174

1,308

236

1.91

2.67

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

Skagit

0

0

60

0

31

91

521

0.87

1.21

Skamania

0

0

0

0

0

0

 n/a

0.00

0.00

Snohomish

4

0

459

0

144

607

446

1.01

1.42

Spokane

1

0

8

0

47

56

3,424

0.13

0.18

Stevens

0

0

0

0

1

1

18,447

0.02

0.03

Thurston

0

0

145

0

116

261

373

1.21

1.69

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

2

0

5

0

34

41

2,080

0.22

0.30

Whitman

0

0

1

0

0

1

18,123

0.02

0.03

Yakima

2

0

0

0

10

12

6,853

0.07

0.09

 

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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