WASHINGTON FORECLOSURE ACTIVITY UPS 1 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 37 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Washington reported 2,220 properties with foreclosure filings for February 2008, a 1 percent increase from the previous month, and a 37 percent increase from February 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 million properties from nearly 2,500 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 foreclosures experienced only a slight increase in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate has been declining during the past several months and Washington’s home price appreciation rate remains above the national average. If these trends continue, it is likely that we will not see foreclosures increase as sharply here as they have in many other states.”

 

Washington ranked 22nd in the country in total foreclosures reported for the month. One in every 1,194 households received a foreclosure filing in February. Washington’s foreclosure rate was ranked 28th among the 50 states.

 

King County accounts for bulk of state activity

King County reported 493 properties with foreclosure filings, the most of any county for the month. Pierce County was second, reporting 403 properties with foreclosure filings, followed by Clark County with 259 properties with foreclosure filings. Snohomish County came in fourth, reporting 236 properties with foreclosure filings and Spokane County was fifth with 132 properties with foreclosure filings.

 

Cowlitz County posts highest foreclosure rate

Cowlitz County posted the highest foreclosure rate in Washington for February, one in every 379 households receiving a foreclosure filing — 3.2 times the state average. Wahkiakum County registered the second highest foreclosure rate, one in every 465 households receiving a foreclosure filing — 2.6 times the state average. Clark County posted the third highest foreclosure rate, one in every 589 households receiving a foreclosure filings — twice the state average. Mason County posted the third highest foreclosure rate, one in every 658 households receiving a foreclosure filing — 1.8 times the state average.

 

State contributes 1 percent to nation’s monthly total

Total foreclosure filings in Washington accounted for 1 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Washington Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Washington

56

1,736

0

0

428

2,220

1,194

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

2

0

0

1

3

1,973

0.28

0.61

Asotin

0

6

0

0

1

7

1,335

0.42

0.89

Benton

2

24

0

0

5

31

1,981

0.28

0.60

Chelan

0

8

0

0

3

11

2,899

0.19

0.41

Clallam

0

1

0

0

0

1

32,773

0.02

0.04

Clark

10

214

0

0

35

259

589

0.95

2.03

Columbia

0

1

0

0

0

1

2,065

0.27

0.58

Cowlitz

2

72

0

0

33

107

379

1.47

3.15

Douglas

0

4

0

0

2

6

2,318

0.24

0.52

Ferry

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

1

24

0

0

0

25

817

0.68

1.46

Garfield

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

15

0

0

1

16

1,913

0.29

0.62

Grays Harbor

0

30

0

0

4

34

987

0.56

1.21

Island

1

18

0

0

1

20

1,776

0.31

0.67

Jefferson

0

9

0

0

1

10

1,553

0.36

0.77

King

12

391

0

0

90

493

1,608

0.35

0.74

Kitsap

2

64

0

0

26

92

1,070

0.52

1.12

Kittitas

0

5

0

0

0

5

3,661

0.15

0.33

Klickitat

0

0

0

0

0

0

 n/a

0.00

0.00

Lewis

0

12

0

0

4

16

1,918

0.29

0.62

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

1

31

0

0

10

42

658

0.85

1.81

Okanogan

0

3

0

0

0

3

6,623

0.08

0.18

Pacific

0

5

0

0

0

5

2,860

0.19

0.42

Pend Oreille

0

0

0

0

0

0

 n/a

0.00

0.00

Pierce

7

295

0

0

101

403

752

0.74

1.59

San Juan

0

1

0

0

1

2

5,434

0.10

0.22

Skagit

1

32

0

0

7

40

1,162

0.48

1.03

Skamania

0

0

0

0

0

0

 n/a

0.00

0.00

Snohomish

8

197

0

0

31

236

1,120

0.50

1.07

Spokane

0

103

0

0

29

132

1,423

0.39

0.84

Stevens

0

10

0

0

6

16

1,141

0.49

1.05

Thurston

2

62

0

0

27

91

1,045

0.53

1.14

Wahkiakum

0

4

0

0

0

4

465

1.20

2.57

Walla Walla

0

1

0

0

0

1

22,118

0.03

0.05

Whatcom

3

38

0

0

3

44

1,885

0.30

0.63

Whitman

1

1

0

0

0

2

8,867

0.06

0.13

Yakima

3

53

0

0

6

62

1,317

0.42

0.91

               

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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