Washington Foreclosure Activity Down in 2011

Filings down 24 percent from 2010 and 6 percent from  2009

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — were  reported on 33,327 Washington properties in 2011, down 24 percent from a year  ago and 6 percent below the level reported in 2009, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

The state posted the 18th  highest foreclosure rate in the nation, with one in every 84 Washington housing  units receiving a foreclosure filing in 2011.

Foreclosure  filings were reported on 1,957 Washington properties in December, a 25 percent  decrease from November and down 51 percent from December 2010. One in every 1,438  Washington housing units received a foreclosure filing in December, the 32nd  highest state foreclosure rate in the nation.

Snohomish County has top foreclosure rate honors in 2011
  One in every 49 housing units in Snohomish County received a foreclosure  filing during 2011 – 1.4 times the national average and 1.7 times the state  average. Pierce County had the second highest rate with one in every 56 housing  units reporting a foreclosure filing – 1.2 times the national average and 1.5  times the state average. Clark County had the third highest rate, reporting one  in every 61 housing units with a foreclosure filing – 1.1 times the national  average and 1.4 times the state average.

King County leads the state in foreclosure activity for 2011
  King County led the way, reporting 10,431 properties with foreclosure  filings during 2011. Snohomish County was second highest in the state,  reporting 5,802 properties with foreclosure filings. Third highest total was  tallied in Pierce County, where 5,752 properties with foreclosure filings were  reported. Reporting 2,696 properties with foreclosure filings for the year, Clark  County registered the fourth highest total in the state. Fifth highest was Spokane  County, where 1,643 properties with foreclosure filings were reported for 2011.

State a moderate  contributor to nation’s foreclosure total in 2011
  Washington accounted for 2  percent of the 1,887,777 properties with foreclosure filings reported  nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down  33 percent from the level reported for 2009. One in every 69 U.S. housing units  received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011,  resulting in a dramatic drop in foreclosure activity for the year,” said  Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity  regarding many of the documentation and legal issues plaguing the foreclosure  industry means that we are continuing to see a highly dysfunctional foreclosure  process that is inefficiently dealing with delinquent mortgages — particularly  in states with a judicial foreclosure process.

“There were strong signs in the second half of  2011 that lenders are finally beginning to push through some of the delayed  foreclosures in select local markets. We expect that trend to continue this  year, boosting foreclosure activity for 2012 higher than it was in 2011, though  still below the peak of 2010.”

Report methodology
  The RealtyTrac U.S. Foreclosure Market Report  provides a count of the total number of properties with at least one  foreclosure filing entered into the RealtyTrac database during the month —  broken out by type of filing by state, county and metropolitan statistical area.  Some foreclosure filings entered into the database during the month may have  been recorded in previous months. Data is collected from more than 2,200  counties nationwide, and those counties account for more than 90 percent of the  U.S. population. RealtyTrac’s report incorporates documents filed in all three  phases of foreclosure: DefaultNotice 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 received for a property during  the month, 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 –  2011                                                                                                                                                                                                                                                                             

County

Total

%    Housing Units

1/every    X HU (rate)

/National    Avg.

/State    Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Washington

33,327

1.18

84

0.82

n/a

 

 

 

 

 

 

Snohomish

5,802

2.06

49

1.42

1.73

Pierce

5,752

1.78

56

1.23

1.50

Clark

2,696

1.65

61

1.14

1.38

Mason

401

1.37

73

0.94

1.15

King

10,431

1.24

80

0.86

1.04

 

                       Washington Top Foreclosure Totals By County –  2011                                                                                                                                                                                                                                                                             

County

Total

%    Housing Units

1/every    X HU (rate)

%    Chg 2010

%    Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Washington

33,327

1.18

84

-24.01

-5.50

 

 

 

 

 

 

King

10,431

1.24

80

-20.71

1.92

Snohomish

5,802

2.06

49

-15.74

11.21

Pierce

5,752

1.78

56

-27.04

-21.43

Clark

2,696

1.65

61

-24.88

-30.30

Spokane

1,643

0.82

121

-8.72

67.82

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved