Foreclosure Activity in Washington Down in July

 

Statewide foreclosure filings down 19 percent from June

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,602 Washington properties in July, down 19 percent from June and 37 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report. One in every 781 Washington housing units received a foreclosure filing in July, the nation’s 16th highest foreclosure rate.

 

Snohomish County posts top foreclosure rate for July

Snohomish County posted the top foreclosure rate in Washington for July, with one in every 420 housing units receiving a foreclosure filing — 1.9 times the state average. Clark County had the second highest foreclosure rate for July, with one in every 487 housing units receiving a foreclosure filing — 1.6 times the state average. Pierce County was third highest for July, with one in every 525 housing units receiving a foreclosure filing — 1.5 times the state average.

 

King County has top foreclosure total for July

King County had the highest total, reporting 1,229 properties with foreclosure filings for July. Snohomish County had the second highest total, reporting 672 properties with foreclosure filings. Pierce County came in third, tallying 615 properties with foreclosure filings. Fourth highest was Clark County, where 336 properties with foreclosure filings were reported. Kitsap County was fifth, reporting 97 properties with foreclosure filings for July.

 

State a moderate contributor to nation’s foreclosure total in July

Washington accounted for 2 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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: 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 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 – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Washington

0

0

1,828

0

1,774

3,602

781

0.78

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

330

0

342

672

420

1.45

1.86

Clark

0

0

194

0

142

336

487

1.25

1.61

Pierce

0

0

294

0

321

615

525

1.16

1.49

Cowlitz

0

0

35

0

34

69

616

0.99

1.27

King

0

0

623

0

606

1,229

682

0.90

1.14

 

 

 

Washington Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg. June 11

% Chg. July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Washington

0

0

1,828

0

1,774

3,602

781

-19.06

-36.61

 

 

 

 

 

 

 

 

 

 

King

0

0

623

0

606

1,229

682

-32.80

-32.10

Snohomish

0

0

330

0

342

672

420

-16.52

-25.42

Pierce

0

0

294

0

321

615

525

-9.82

-42.25

Clark

0

0

194

0

142

336

487

35.48

-32.80

Kitsap

0

0

54

0

43

97

1,060

10.23

-55.91

 

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