WASHINGTON FORECLOSURE ACTIVITY UP 15 PERCENT IN AUGUST

Statewide Foreclosure Activity Increases 64 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 3,172 Washington properties in August, an increase of 15 percent from the previous month, and 64 percent above the level reported for August 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 rose to 6 percent in August, with some 209,000 jobless residents within the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “Following a national epidemic that has nine in every 10 states reporting heightened unemployment for August, it follows that Washington along with many other states is reporting an increase in foreclosures.”

 

Washington ranked 20th in the country in total properties with foreclosure filings reported for August. One in every 851 Washington households received a foreclosure filing during the month, ranking 21st among the 50 states.

 

King County leads state in foreclosure activity for August

King County led the state reporting 849 properties with foreclosure filings for the month. Pierce County came in second highest, reporting 687 properties with foreclosure filings. Snohomish County posted the third highest foreclosure total, reporting 336 properties with foreclosure filings. Clark County came in fourth place, documenting 292 properties with foreclosure filings. Spokane County came in fifth highest, reporting 185 properties with foreclosure filings during the month.

 

Wahkiakum County reports highest foreclosure rate for August

Wahkiakum County posted the top county foreclosure rate in the state, with one in every 159 households receiving a foreclosure filing during the month — 5.4 times the state average and 2.6 times the national average. Pierce County registered the second highest foreclosure rate, where one in every 450 households received a foreclosure filing — 1.9 times the state average. Clark County registered the third highest foreclosure rate, where one in every 535 households received a foreclosure filing — 1.6 times the state average.

 

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

Washington accounted for 1 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Washington

21

0

2,024

0

1,127

3,172

851

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

2

0

3

5

1,188

0.35

0.72

Asotin

0

0

6

0

1

7

1,347

0.31

0.63

Benton

0

0

31

0

9

40

1,562

0.27

0.54

Chelan

0

0

12

0

6

18

1,796

0.23

0.47

Clallam

0

0

4

0

0

4

8,379

0.05

0.10

Clark

8

0

160

0

124

292

535

0.78

1.59

Columbia

0

0

0

0

0

0

n/a

0.00

0.00

Cowlitz

0

0

28

0

22

50

820

0.51

1.04

Douglas

0

0

5

0

2

7

2,038

0.20

0.42

Ferry

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

1

0

12

0

10

23

939

0.44

0.91

Garfield

0

0

0

0

0

0

n/a

0.00

0.00

Grant

1

0

10

0

2

13

2,393

0.17

0.36

Grays Harbor

1

0

36

0

18

55

616

0.67

1.38

Island

1

0

20

0

8

29

1,249

0.33

0.68

Jefferson

0

0

9

0

3

12

1,318

0.32

0.65

King

1

0

576

0

272

849

946

0.44

0.90

Kitsap

0

0

91

0

55

146

684

0.61

1.24

Kittitas

0

0

8

0

2

10

1,882

0.22

0.45

Klickitat

0

0

0

0

0

0

n/a

0.00

0.00

Lewis

0

0

17

0

7

24

1,297

0.32

0.66

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Mason

0

0

26

0

9

35

806

0.52

1.06

Okanogan

1

0

8

0

1

10

2,006

0.21

0.42

Pacific

0

0

5

0

0

5

2,894

0.14

0.29

Pend Oreille

0

0

0

0

0

0

n/a

0.00

0.00

Pierce

1

0

354

0

332

687

450

0.92

1.89

San Juan

0

0

1

0

2

3

3,687

0.11

0.23

Skagit

0

0

34

0

16

50

948

0.44

0.90

Skamania

0

0

0

0

0

0

n/a

0.00

0.00

Snohomish

2

0

239

0

95

336

805

0.52

1.06

Spokane

2

0

130

0

53

185

1,037

0.40

0.82

Stevens

0

0

4

0

6

10

1,845

0.23

0.46

Thurston

0

0

81

0

39

120

812

0.51

1.05

Wahkiakum

0

0

11

0

1

12

159

2.62

5.36

Walla Walla

0

0

0

0

0

0

n/a

0.00

0.00

Whatcom

2

0

47

0

22

71

1,201

0.35

0.71

Whitman

0

0

6

0

0

6

3,021

0.14

0.28

Yakima

0

0

51

0

7

58

1,418

0.29

0.60

 

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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