Washington Gets a Break in Terms of Foreclosures in August

Foreclosure activity in Washington fell 51 percent in August to 2,657 properties with foreclosure filings, and down 16 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Washington dropped significantly in August, even as the state’s unemployment rate grew to 9.2 percent,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

One in every 1,033 Washington housing units received a foreclosure filing in August, the 30th highest foreclosure rate in the nation.

 

Clark County posts state’s top foreclosure rate in August

Clark County posted the highest county foreclosure rate in the state for August, with one in every 540 housing units receiving a foreclosure filing — 1.9 times the state average. Pierce County had the second highest foreclosure rate, with one in every 579 housing units receiving a foreclosure filing during the month — 1.8 times the state average. Mason County posted the third highest foreclosure rate, where one in every 611 housing units received a foreclosure filing — 1.7 times the state average.

 

King County leads the state in foreclosure totals for August

King County tallied the highest activity level, tallying 666 properties with foreclosure filings for the month. Pierce County had the second highest total of foreclosure filings, documenting 543 properties with foreclosure filings. Reporting 445 properties with foreclosure filings for the month, Snohomish County reported the third highest total in the state. Clark County was fourth highest, reporting 294 properties with foreclosure filings, while the fifth highest total was in Thurston County, where 86 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

Washington accounted for 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Washington

11

0

1,381

0

1,265

2,657

1,033

0.35

n/a

 

 

 

 

 

 

 

 

 

 

Clark

2

0

152

0

140

294

540

0.66

1.91

Pierce

0

0

247

0

296

543

579

0.62

1.78

Mason

0

0

33

0

14

47

611

0.58

1.69

Snohomish

1

0

298

0

146

445

620

0.58

1.67

Cowlitz

0

0

32

0

29

61

682

0.52

1.52

 

 

Washington Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Washington

11

0

1,381

0

1,265

2,657

1,033

-50.52

-16.24

 

 

 

 

 

 

 

 

 

 

King

3

0

381

0

282

666

1226

-62.42

-21.55

Pierce

0

0

247

0

296

543

579

-41.30

-20.96

Snohomish

1

0

298

0

146

445

620

-42.88

32.44

Clark

2

0

152

0

140

294

540

-53.26

0.68

Thurston

2

0

55

0

29

86

1168

-44.16

-28.33

 

 

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