Washington Foreclosures Rise in October

Statewide filings up 9 percent from September

 

Washington reported 3,337 properties with foreclosure filings, up 9 percent from the previous month, but still 22 percent below the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 822 Washington housing units received a foreclosure filing in October, the 29th highest foreclosure rate in the nation.

 

“Foreclosure activity rose again in Washington in October amid high unemployment, though it remained well below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Pierce County posts state’s top foreclosure rate in October

Pierce County posted the highest county foreclosure rate in the state for October, with one in every 383 housing units receiving a foreclosure filing — 2.2 times the state average. Snohomish County ranked second, reporting one in every 428 housing units receiving a foreclosure filing — 1.9 times the state average. Clark County had the third highest foreclosure rate, with one in every 547 housing units receiving a foreclosure filing — 1.5 times the state average. Thurston County posted the fourth highest foreclosure rate, where one in every 755 housing units received a foreclosure filing during the month.

 

King County tops state in foreclosure totals during October

King County led all counties, totaling 863 properties with foreclosure filings for October. Pierce County was second highest, documenting 822 properties with foreclosure filings. Snohomish County was third highest total in the state, reporting 645 properties with foreclosure filings for the month. Clark County came in fourth, reporting 645 properties with foreclosure filings, while the fifth highest total was in Thurston County, where 133 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Washington accounted for 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Washington

0

0

1,491

0

1,846

3,337

822

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

434

0

388

822

383

1.01

2.15

Snohomish

0

0

316

0

329

645

428

0.90

1.92

Clark

0

0

101

0

189

290

547

0.70

1.50

Thurston

0

0

74

0

59

133

755

0.51

1.09

Skagit

0

0

35

0

27

62

779

0.49

1.06

 

 

Washington Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Washington

0

0

1,491

0

1,846

3,337

822

9.20

-22.00

 

 

 

 

 

 

 

 

 

 

King

0

0

352

0

511

863

946

-6.20

-29.95

Pierce

0

0

434

0

388

822

383

91.61

-37.16

Snohomish

0

0

316

0

329

645

428

56.17

6.26

Clark

0

0

101

0

189

290

547

-11.31

23.40

Thurston

0

0

74

0

59

133

755

22.02

-49.04

 

 

 

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