Seattle metro area Foreclosure Activity Falls in October

Metro area  filings down 14 percent from September

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — were  reported on 1,687 properties in the Seattle metro area in October, a 14 percent  decrease from September and 58 percent below the level reported for October  2010, according to the latest  RealtyTrac® U.S. Foreclosure Market Report.

One in every  856 of the metro area’s housing units had a foreclosure filing in October 2011, the 119th highest foreclosure rate among the 211 metro areas with  populations exceeding 200,000 surveyed every month by RealtyTrac.

Snohomish County posts top foreclosure rate in the metro  area for October
One in every 622 housing  units in Snohomish County had a foreclosure filing in October — 1.7 times the  state average — the highest foreclosure rate of all Metro area counties for the month. Pierce County had the second highest rate of one in every 627 housing  units with a foreclosure filing during the month — 1.7 times the state average.  King County had the third highest rate of one in every 1,168 housing units with a foreclosure filing during the month.

King County has metro area’s highest foreclosure  total in October
King County tallied the highest level of foreclosure activity in the metro area, reporting 718 properties with foreclosure filings for the month. Pierce County was second  highest, reporting 515 properties with foreclosure filings. Snohomish County was third, reporting 454 properties with foreclosure filings.

State foreclosure  activity down in October
Washington reported 2,684 properties with foreclosure filings in October 2011. This latest total  represents a 13 percent decrease from September and is 58 percent below the  level reported in October 2010. One in every 1,049 Washington housing units  received a foreclosure filing in October, the 28th highest state  foreclosure rate in the nation.

State a minor contributor to nation’s total  foreclosure activity in October
Washington accounted for 1 percent of the 230,678 properties with foreclosure filings reported nationwide in October. Total U.S. activity increased by more than 7 percent from September, but was down nearly 31 percent from the level reported in October  2010. One in every 563 U.S. housing units received a foreclosure filing during  the month.

“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve  been in for the past year as lenders corrected foreclosure paperwork and  processing problems,” said James Saccacio, chief executive officer of  RealtyTrac. “However, recent state court rulings and new state laws keep  changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”

 

                         Seattle metro area Top Foreclosure Rates By County – October2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Washington

0

0

904

0

1,780

2,684

1,049

0.54

n/a

Seattle MSA

0

0

579

0

1,108

1,687

856

0.66

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

158

0

296

454

622

0.91

1.69

Pierce

0

0

171

0

344

515

627

0.90

1.67

King

0

0

250

0

468

718

1168

0.48

0.90

 Seattle metro area Top Foreclosure Totals by County – October2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Washington

0

0

904

0

1,780

2,684

1,049

-13.17

-57.71

Seattle MSA

0

0

579

0

1,108

1,687

856

-14.06

-58.45

 

 

 

 

 

 

 

 

 

 

King

0

0

250

0

468

718

1168

-23.21

-62.19

Pierce

0

0

171

0

344

515

627

5.75

-51.73

Snohomish

0

0

158

0

296

454

622

-16.08

-58.50

 

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