Seattle Metro Area Foreclosure Activity Down in Third Quarter

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 6,578 Seattle metro area  properties during the third quarter of 2011, down 17 percent from the second  quarter of 2011 and 41 percent below the level reported for the same quarter  last year, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

One in every 220 of the metro  area’s housing units had a foreclosure filing in third quarter 2011, the 77th  highest foreclosure rate among the 211 metro areas with populations exceeding  200,000 surveyed every month by RealtyTrac.

Foreclosure filings were reported on 1,963 Seattle metro area properties in September, a  12 percent decrease from August and down 46 percent from September 2010. One in  every 736 Seattle  metro area housing units had a foreclosure filing in September, the 91st  highest foreclosure rate among the 211 metro areas with populations exceeding  200,000 surveyed every month by RealtyTrac.

Snohomish County posts top  foreclosure rate for the third quarter
  One in every 161 housing units in Snohomish County had a foreclosure filing during  the third quarter of 2011 — 1.3 times the national average and 1.8 times the  state average. Pierce   County had the second  highest rate with one in every 181 housing units reporting a foreclosure filing  — 1.2 times the national average and 1.6 times the state average. King County  had the third highest rate, reporting one in every 276 housing units with a  foreclosure filing — 1.1 times the state average.

King County leads  the metro area in foreclosure activity for third quarter
  King County had the highest level of foreclosure activity in  the state, reporting 3,039 properties with foreclosure filings during the  quarter. Pierce County was second highest in the metro  area, reporting 1,781 properties with foreclosure filings. Third highest total  was tallied in Snohomish   County, where 1,758  properties with foreclosure filings were reported.

Washington foreclosure activity down in third quarter
  Washington reported 9,641 properties with foreclosure filings  in the third quarter of 2011. This latest total represents a 19 percent  decrease from the second quarter and is 45 percent below the level reported in  the third quarter of 2010. One in every 292 Washington housing units had a foreclosure  filing in the third quarter, the 17th highest state foreclosure rate  in the nation.

State is moderate contributor  to nation’s foreclosure total in the third quarter
  Washington accounted for 2 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units had a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

                          Seattle metro area Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Seattle MSA

0

0

2,992

0

3,586

6,578

220

0.97

n/a

Washington

0

0

4,476

0

5,165

9,641

292

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

838

0

920

1,758

161

1.33

1.82

Pierce

0

0

773

0

1,008

1,781

181

1.17

1.61

King

0

0

1,381

0

1,658

3,039

276

0.77

1.06

 Seattle metro area Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Seattle MSA

0

0

2,992

0

3,586

6,578

220

-17.39

-40.86

Washington

0

0

4,476

0

5,165

9,641

292

-18.58

-45.44

 

 

 

 

 

 

 

 

 

 

King

0

0

1,381

0

1,658

3,039

276

-17.51

-43.24

Pierce

0

0

773

0

1,008

1,781

181

-13.21

-44.12

Snohomish

0

0

838

0

920

1,758

161

-21.06

-31.89

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