WASHINGTON FORECLOSURE ACTIVITY UP 72 PERCENT IN 2008

More than 26,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 26,058 Washington properties in 2008, an increase of 72 percent from 2007 and an increase of 117 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 0.97 percent of all Washington housing units received at least one foreclosure filing during the year, up from 0.57 percent in 2007.

 

Washington reported 2,769 properties with foreclosure filings in December, a 3 percent decrease from the previous month, but still a 37 percent increase over December 2007.

 

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 activity in Washington rose significantly between 2007 and 2008, matching the state’s increase in unemployed residents,” said James J. Saccacio, chief executive officer of RealtyTrac. “Considering that the Evergreen State went from historically low unemployment to a record high within the course of 2008, it is little surprise that foreclosures are plaguing homeowners.”

 

Pierce County reports highest total of foreclosure filings

Pierce County led the state reporting 6,669 properties with foreclosure filings for the year. King County came in second, reporting 6,406 properties with foreclosure filings. Clark County registered the third highest total, reporting 2,541 properties with foreclosure filings. Spokane County documented the fourth highest foreclosure total, reporting 1,146 properties with foreclosure filings. Thurston County came in fifth, documenting 1,116 properties with foreclosure filings.

 

Pierce County posts top foreclosure rate

Pierce County topped the list, with 2.16 percent of its housing units receiving at least one foreclosure filing during the year. Clark County came in second, with 1.63 percent of its housing units receiving at least one foreclosure filing. Cowlitz County posted the third highest foreclosure rate, where 1.30 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Mason County (1.24 percent) and Thurston County (1.15 percent).

 

State a minor contributor to nation’s foreclosure total for 2008

Washington accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Washington

26,058

0.97

71.61

 

 

 

 

 

20

Adams

26

0.44

30.00

19

Asotin

46

0.49

109.09

13

Benton

400

0.64

-5.88

21

Chelan

133

0.41

60.24

23

Clallam

127

0.38

693.75

2

Clark

2,541

1.63

99.45

24

Columbia

7

0.34

250.00

3

Cowlitz

532

1.30

75.00

28

Douglas

43

0.30

0.00

38

Ferry

1

0.03

0.00

10

Franklin

200

0.93

-11.89

39

Garfield

0

0.00

n/a

26

Grant

99

0.32

-17.50

11

Grays Harbor

299

0.88

6.79

17

Island

191

0.53

49.22

22

Jefferson

65

0.41

6.56

12

King

6,406

0.80

88.36

7

Kitsap

1,023

1.02

58.36

27

Kittitas

57

0.30

50.00

36

Klickitat

3

0.03

0.00

14

Lewis

193

0.62

-3.98

35

Lincoln

2

0.04

100.00

4

Mason

350

1.24

54.19

30

Okanogan

45

0.22

2.27

25

Pacific

48

0.33

29.73

37

Pend Oreille

2

0.03

100.00

1

Pierce

6,669

2.16

115.97

31

San Juan

20

0.18

42.86

9

Skagit

440

0.93

62.36

33

Skamania

3

0.06

-70.00

6

Snohomish

2,833

1.05

72.95

15

Spokane

1,146

0.60

13.58

29

Stevens

47

0.25

-2.08

5

Thurston

1,116

1.15

81.76

8

Wahkiakum

19

1.00

533.33

34

Walla Walla

9

0.04

800.00

18

Whatcom

430

0.50

31.50

32

Whitman

19

0.10

n/a

16

Yakima

468

0.57

-15.83

 

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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