Seattle Metro Area Foreclosure Activity Climbs in January

Total foreclosure filings increase 14 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,032 Seattle metro area properties in January, a 14 percent increase from December. On a year-over-year basis the metro area’s foreclosure total is 46 percent above the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 476 metro area housing units received a foreclosure filing in January, the 62nd highest rate among the nation’s 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Snohomish County posts metro area’s top foreclosure rate in January

With one in every 361 housing units receiving a foreclosure filing in January — 1.4 times the national average and 1.6 times the state average — Snohomish County posted the highest foreclosure rate in the metro area. Pierce County had the second highest foreclosure rate, with one in every 365 housing units receiving a foreclosure filing during the month — 1.4 times the national average and 1.6 times the state average. One in every 614 housing units in King County received a foreclosure filing during the month, the third highest foreclosure rate in the metro area.

 

King County has metro area’s top foreclosure total in January

King County led the metro area, reporting 1,367 properties with foreclosure filings in January. Pierce County tallied the second highest total in the metro area, reporting 884 properties with foreclosure filings. Third highest was Snohomish County, where 781 properties with foreclosure filings were reported.

 

State ranked high nationally in total foreclosure filings for January

Washington reported 4,981 properties with foreclosure filings in January, giving it the 11th highest state total in the nation. This latest total represents a 24 percent increase from the previous month and is 43 percent above the level reported in January 2010. One in every 565 Washington housing units received a foreclosure filing during the month, the 12th highest state foreclosure rate in the nation.

 

State a moderate contributor to the nation’s foreclosure total in January

Washington accounted for 2 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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.

 

Seattle Metro Area Top Foreclosure Rates By County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Washington

0

0

2,458

0

2,523

4,981

565

0.88

n/a

Seattle MSA

0

0

1,455

0

1,577

3,032

476

1.04

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

397

0

384

781

361

1.38

1.56

Pierce

0

0

434

0

450

884

365

1.36

1.55

King

0

0

624

0

743

1,367

614

0.81

0.92

 

 

Seattle Metro Area Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Washington

0

0

2,458

0

2,523

4,981

565

23.63

42.52

Seattle MSA

0

0

1,455

0

1,577

3,032

476

14.46

45.70

 

 

 

 

 

 

 

 

 

 

King

0

0

624

0

743

1,367

614

11.77

55.34

Pierce

0

0

434

0

450

884

365

18.18

36.84

Snohomish

0

0

397

0

384

781

361

15.19

40.72

 

 

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