Washington Foreclosure Activity Up 35 Percent in 2009

Activity up 132 percent from 2007 and 36 percent from November

 

Washington ended 2009 tallying 35,268 properties with foreclosure filings, a 35 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 132 percent higher than the level reported for all of 2007.

 

Washington reported 4,467 properties with foreclosure filings, a 36 percent increase over the previous month, and up 61 percent from December 2008. The state’s foreclosure rate — one in every 614 housing units received a foreclosure filing — was 21st highest in the nation for the month.

 

“Washington foreclosure activity rose substantially in 2009, with a higher number of filings reported for the year than in each of the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recently hitting 9.5 percent, high unemployment remains a concern among Washington homeowners as well.”

 

With one in every 78 housing units receiving a foreclosure filing, Washington’s foreclosure rate ranked 24th highest in the nation for the year.

 

Clark County posts state’s highest foreclosure rate for 2009

Clark County posted the highest county foreclosure rate in Washington for the year, with one in every 41 housing units receiving a foreclosure filing in 2009. Pierce County followed in second, reporting one in every 43 housing units receiving a foreclosure filing. Snohomish County came in third highest, reporting one in every 53 housing units receiving a foreclosure filing. Cowlitz County was fourth highest, with one in every 64 housing units receiving a foreclosure filing. Skagit County had the fifth highest rate, where one in every 72 housing units receiving a foreclosure filing.

 

King County leads state in foreclosure activity in 2009

Leading the way was King County, which reported a total 10,234 properties with foreclosure filings for the year. Pierce County came in second, documenting 7,321 properties with foreclosure filings. Snohomish County had the third highest total in the state, reporting 5,217 properties with foreclosure filings for the year. Clark County was fourth highest, reporting 5,217 properties with foreclosure filings, followed by Thurston County in fifth place, tallying 1,300 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Washington accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Washington

35,268

1.29

78

35.34

132.27

 

 

 

 

 

 

Clark

3,868

2.44

41

52.22

203.61

Pierce

7,321

2.33

43

9.78

137.08

Snohomish

5,217

1.89

53

84.15

218.50

Cowlitz

648

1.56

64

21.80

113.16

Skagit

668

1.38

72

51.82

146.49

 

 

Washington Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Washington

35,268

1.29

78

35.34

132.27

 

 

 

 

 

 

King

10,234

1.25

80

59.76

200.91

Pierce

7,321

2.33

43

9.78

137.08

Snohomish

5,217

1.89

53

84.15

218.50

Clark

3,868

2.44

41

52.22

203.61

Thurston

1,300

1.29

77

16.49

111.73

 

 

Washington Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Washington

0

0

2,658

0

1,809

4,467

614

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Lewis

0

0

68

0

30

98

323

1.13

1.90

Pierce

0

0

372

0

378

750

419

0.87

1.46

Clark

0

0

231

0

146

377

421

0.87

1.46

Snohomish

0

0

387

0

265

652

423

0.87

1.45

Franklin

0

0

32

0

13

45

496

0.74

1.24

 

 

Washington Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Washington

0

0

2,658

0

1,809

4,467

614

35.86

61.32

 

 

 

 

 

 

 

 

 

 

King

0

0

638

0

490

1,128

5

4.83

29.66

Pierce

0

0

372

0

378

750

13

-0.27

10.95

Snohomish

0

0

387

0

265

652

97

47.51

116.61

Clark

0

0

231

0

146

377

87

70.59

29.55

Spokane

0

0

233

0

81

314

108

390.63

269.41

 

 

 

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