Seattle Metro Area Foreclosures Up in 2010

Metro filings rise 23 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 27,926 Seattle metro area properties for 2010, up 23 percent from a year ago and 76 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 2,649 Seattle metro area properties in December 2010, a 4 percent increase from November and 5 percent above the level reported in December 2009. One in every 542 metro housing units received a foreclosure filing during the month.

 

“Foreclosure activity jumped in the Seattle metro area in 2010 to a level above what was reported for 2009 and nearly double the level reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although there was a stall in foreclosure proceedings due to the ‘robo-signing’ controversy near the end of 2010, that lull was only temporary. A new wave of foreclosures will likely strike in the coming months and continue throughout 2011 unless Seattle’s job market begins to see major improvements.”

 

One in every 51 metro housing units received a foreclosure filing in 2010, the 84th highest foreclosure rate among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Snohomish and Pierce counties post top foreclosure rate in 2010

One in every 41 housing units received a foreclosure filing in both Snohomish and Pierce counties in 2010 — 1.1 times the national average and 1.6 times the state average. King County was third highest, with one in every 63 housing units receiving a foreclosure filing during the year — on par with the state average.

 

King County led the metro area in foreclosure activity for 2010

King County led the metro area, reporting 13,156 properties with foreclosure filings. Pierce County had the second highest total, tallying 7,884 properties with foreclosure filings. Snohomish County was third highest, reporting 6,886 properties with foreclosure filings for the year.

 

State ranked low nationally in total foreclosure filings for 2010

Washington reported 43,856 properties with foreclosure filings in 2010, giving it the 16th highest state total in the nation. This latest total represents a 24 percent increase from the previous year and is 68 percent above the level reported in 2008. One in every 64 Washington housing units received a foreclosure filing during the year, the 18th highest state foreclosure rate in the nation.

 

State a moderate contributor to total foreclosure activity in 2010

Washington accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Seattle Metro Area

0

0

14,890

0

13,036

27,926

51

0.87

n/a

Washington

0

0

23,175

0

20,681

43,856

64

0.71

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

3,662

0

3,224

6,886

41

1.10

1.56

Pierce

0

0

4,123

0

3,761

7,884

41

1.10

1.56

King

0

0

7,105

0

6,051

13,156

63

0.71

1.01

 

 

Seattle Metro Area Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Seattle Metro Area

0

0

14,890

0

13,036

27,926

51

22.63

75.55

Washington

0

0

23,175

0

20,681

43,856

64

24.35

68.30

 

 

 

 

 

 

 

 

 

 

King

0

0

7,105

0

6,051

13,156

63

28.55

105.37

Pierce

0

0

4,123

0

3,761

7,884

41

7.69

18.22

Snohomish

0

0

3,662

0

3,224

6,886

41

31.99

143.06

 

 

 

Seattle Metro Area Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Seattle Metro Area

0

0

1,493

0

1,156

2,649

542

0.92

n/a

Washington

0

0

2,303

0

1,726

4,029

693

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

386

0

292

678

414

1.21

1.67

Pierce

0

0

425

0

323

748

430

1.17

1.61

King

0

0

682

0

541

1,223

681

0.74

1.02

 

 

Seattle Metro Area Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Seattle Metro Area

0

0

1,493

0

1,156

2,649

542

4.09

4.70

Washington

0

0

2,303

0

1,726

4,029

693

-0.93

-9.81

 

 

 

 

 

 

 

 

 

 

King

0

0

682

0

541

1,223

681

1.92

8.42

Pierce

0

0

425

0

323

748

430

8.09

-0.27

Snohomish

0

0

386

0

292

678

414

3.83

3.99

 

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