Washington Foreclosure Activity Declines in May

Statewide foreclosure filings down 8 percent from April, down 26 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,603 Washington properties in May, an 8 percent decrease from April and 26 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Washington ranked 13th in the nation in total foreclosures reported for May. Its foreclosure rate of one in 781 housing units receiving a foreclosure filing during the month, ranked it 18th among the 50 states.

 

Snohomish County posts state’s top foreclosure rate in May

Snohomish County posted the highest foreclosure rate of all Washington counties in May, with one in every 399 housing units receiving a foreclosure filing — twice the state average. Clark County reported the second highest foreclosure rate, with a rate of one in every 497 housing units receiving a foreclosure filing during the month — 1.6 the state average. Third highest was Pierce County, where one in every 503 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

King County dominates state foreclosure totals in May

King County led all counties with 831 properties with foreclosure filings for the month. Snohomish County was a distant second, reporting 708 properties with foreclosure filings. Pierce County was third highest, reporting 642 properties with foreclosure filings. Clark County came in fourth place, tallying 329 properties with foreclosure filings. Fifth highest was Spokane County, where 204 properties with foreclosure filings were reported for the month.

 

State contributes 2 percent to total foreclosure activity in May

Washington accounted for 2 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by 7 percent from April, and was down 28 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

 

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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Washington

0

0

2,026

0

1,577

3,603

781

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

491

0

217

708

399

1.52

1.96

Clark

0

0

209

0

120

329

497

1.22

1.57

Pierce

0

0

373

0

269

642

503

1.20

1.55

Kitsap

0

0

114

0

66

180

571

1.06

1.37

Mason

0

0

28

0

22

50

587

1.03

1.33

 

 

Washington Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-1.98

-33.44

Washington

0

0

2,026

0

1,577

3,603

781

-8.48

-25.86

 

 

 

 

 

 

 

 

 

 

King

0

0

319

0

512

831

1,009

-22.84

-44.67

Snohomish

0

0

491

0

217

708

399

-3.80

-7.45

Pierce

0

0

373

0

269

642

503

-14.17

-31.56

Clark

0

0

209

0

120

329

497

9.67

-12.50

Spokane

0

0

106

0

98

204

977

-19.05

50.00

 

 

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