WASHINGTON FORECLOSURES INCREASE 68 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 37 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – Washington documented 2,124 new foreclosure filings in January, a 68 percent increase from the previous month, and a 37 percent increase from January 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 850,000 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.

 

“Though Washington continues to report robust and accelerated job growth, particularly in the manufacturing sector, foreclosure activity within the state is elevated both compared to last month and to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Mortgage credit quality remains strong within the state, though subprime adjustable-rate mortgage delinquencies have increased due to rising interest rates.”

 

Washington ranked 17th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 1,126 households ranked 18th among the 50 states.

 

King County leads state in foreclosure activity

King County documented the largest share of Washington’s foreclosure activity in January, with 570 properties entering some stage of the foreclosure process during the month. Pierce County documented the second largest share of foreclosure activity, with 412 properties in some stage of the foreclosure process. Snohomish County posted the state’s third largest share of foreclosure activity, with 326 properties in the foreclosure pipeline.

 

Thurston County leads state in foreclosure rate

Thurston County tallied the highest foreclosure rate in Washington for January, with one new foreclosure filing for every 270 households — 4.2 times the state average and 3.3 times the national average. Franklin County registered the second highest rate, with one new foreclosure filing for every 519 households — 2.2 times the state average and 1.7 times the national average. Pierce County posted the third highest foreclosure rate, with one new foreclosure filing for every 672 households — 1.7 times the state average and 1.3 times the national average.

 

State makes significant contribution to national total

Washington’s foreclosure activity accounted for 2 percent of the 130,511 properties entering some stage of foreclosure nationwide in January. The national total represents a 19 percent increase in activity from the 109,652 foreclosure filings reported in December. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

Washington

27

1,999

0

0

98

2,124

1,126

0.79

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

3

0

0

0

3

1,924

0.46

0.59

Asotin

0

1

0

0

0

1

9,111

0.10

0.12

Benton

2

39

0

0

1

42

1,332

0.66

0.85

Chelan

0

17

0

0

1

18

1,689

0.52

0.67

Clallam

0

1

0

0

0

1

30,683

0.03

0.04

Clark

2

83

0

0

5

90

1,489

0.59

0.76

Columbia

0

0

0

0

0

0

n/a

0.00

0.00

Cowlitz

1

22

0

0

0

23

1,679

0.53

0.67

Douglas

0

2

0

0

0

2

6,472

0.14

0.17

Franklin

1

27

0

0

3

31

519

1.71

2.17

Grant

0

0

0

0

0

0

n/a

0.00

0.00

Grays Harbor

1

0

0

0

0

1

32,489

0.03

0.03

Island

0

8

0

0

1

9

3,598

0.25

0.31

Jefferson

0

5

0

0

0

5

2,829

0.31

0.40

King

6

548

0

0

16

570

1,302

0.68

0.86

Kitsap

2

113

0

0

4

119

779

1.14

1.45

Kittitas

0

2

0

0

0

2

8,238

0.11

0.14

Klickitat

0

0

0

0

0

0

n/a

0.00

0.00

Lewis

0

18

0

0

1

19

1,557

0.57

0.72

Lincoln

0

1

0

0

0

1

5,298

0.17

0.21

Mason

0

33

0

0

3

36

709

1.25

1.59

Okanogan

0

3

0

0

2

5

3,817

0.23

0.30

Pacific

0

2

0

0

0

2

6,996

0.13

0.16

Pend Oreille

0

0

0

0

0

0

n/a

0.00

0.00

Pierce

4

386

0

0

22

412

672

1.32

1.67

San Juan

0

3

0

0

0

3

3,251

0.27

0.35

Skagit

1

39

0

0

1

41

1,041

0.85

1.08

Skamania

0

2

0

0

0

2

2,288

0.39

0.49

Snohomish

4

309

0

0

13

326

725

1.22

1.55

Spokane

0

140

0

0

9

149

1,175

0.75

0.96

Stevens

0

3

0

0

0

3

5,866

0.15

0.19

Thurston

2

98

0

0

1

101

270

3.28

4.17

Walla Walla

0

0

0

0

0

0

n/a

0.00

0.00

Whatcom

1

25

0

0

3

29

2,548

0.35

0.44

Whitman

0

0

0

0

0

0

n/a

0.00

0.00

Yakima

0

66

0

0

12

78

1,015

0.87

1.11

 

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 construction properties, 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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