WASHINGTON FORECLOSURES INCREASE 21 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 41 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – Washington reported 2,125 foreclosure filings in May, a 21 percent increase from the previous month, and a 41 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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 have increased both in May of this year and since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Quarter-one statistics show that the state’s home sales declined further than the national average. This is likely contributing to the overall rise in foreclosure activity.”

 

Washington ranked 20th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 1,153 households ranked it 20th again among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 66 percent of all foreclosure filings in Washington for May. Pierce County held the highest foreclosure total for the month with 576 foreclosure filings. King County posted the second highest foreclosure total, with 512 foreclosure filings, followed by Snohomish County with 320 foreclosure filings. Spokane County held the fourth highest foreclosure total with 137 foreclosure filings, followed closely by Clark County with 132 foreclosure filings.

 

Pierce County posts highest foreclosure rate

Pierce County posted the highest foreclosure rate in Washington for May, with one foreclosure filing for every 481 households — 2.4 times the state average and 1.4 times the national average. Snohomish County reported the second highest foreclosure rate, with one foreclosure filing for every 738 households — 1.6 times the state average. Skagit County posted the highest foreclosure rate, with one foreclosure filing for every 908 households — 1.3 times the state average. Franklin County reported the fourth highest foreclosure rate, with one foreclosure filing for every 946 households — 1.2 times the state average. Mason County posted the fifth highest foreclosure rate, with one foreclosure filing for every 981 households — 1.2 times the state average.

 

State contributes 1 percent to national total

Total foreclosure filings in Washington accounted for 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Washington

32

1,982

0

0

111

2,125

1,153

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

4

0

0

0

4

1,443

0.45

0.80

Asotin

0

1

0

0

0

1

9,111

0.07

0.13

Benton

1

46

0

0

7

54

1,036

0.63

1.11

Chelan

0

6

0

0

1

7

4,344

0.15

0.27

Clallam

0

0

0

0

0

0

n/a

0.00

0.00

Clark

6

112

0

0

14

132

1,015

0.65

1.14

Columbia

0

1

0

0

0

1

2,018

0.33

0.58

Cowlitz

0

10

0

0

1

11

3,511

0.19

0.33

Douglas

0

1

0

0

0

1

12,944

0.05

0.09

Ferry

1

0

0

0

0

1

3,775

0.17

0.31

Franklin

0

16

0

0

1

17

946

0.69

1.22

Grant

0

0

0

0

0

0

n/a

0.00

0.00

Grays Harbor

1

3

0

0

0

4

8,122

0.08

0.14

Island

0

13

0

0

1

14

2,313

0.28

0.50

Jefferson

0

4

0

0

1

5

2,829

0.23

0.41

King

8

487

0

0

17

512

1,450

0.45

0.80

Kitsap

1

73

0

0

0

74

1,252

0.52

0.92

Kittitas

0

4

0

0

0

4

4,119

0.16

0.28

Klickitat

0

0

0

0

0

0

n/a

0.00

0.00

Lewis

0

20

0

0

1

21

1,409

0.47

0.82

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Mason

0

22

0

0

4

26

981

0.67

1.18

Okanogan

0

2

0

0

1

3

6,362

0.10

0.18

Pacific

0

5

0

0

0

5

2,798

0.23

0.41

Pend Oreille

0

0

0

0

0

0

n/a

0.00

0.00

Pierce

4

548

0

0

24

576

481

1.36

2.40

Skagit

1

43

0

0

3

47

908

0.72

1.27

Skamania

0

0

0

0

0

0

n/a

0.00

0.00

Snohomish

4

314

0

0

2

320

738

0.89

1.56

Spokane

0

120

0

0

17

137

1,277

0.51

0.90

Stevens

0

2

0

0

0

2

8,800

0.07

0.13

Thurston

0

53

0

0

5

58

1,494

0.44

0.77

Walla Walla

0

0

0

0

0

0

n/a

0.00

0.00

Whatcom

1

28

0

0

5

34

2,173

0.30

0.53

Yakima

4

44

0

0

6

54

1,466

0.45

0.79

 

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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