Washington Foreclosure Activity Drops in February

Statewide foreclosure filings down 12 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,385 Washington properties in February, a 12 percent drop in foreclosure activity from January but 64 percent above the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Washington ranked 11th in the nation in total foreclosures reported for February. Its foreclosure rate of one in every 642 housing units receiving a foreclosure filing during the month, ranked it 14th among the 50 states. The state’s activity level was down in the number of bank repossessed properties (REO), which dropped 29 percent. The number of auction notices rose 6 percent. Washington registered an unemployment rate of 9.1 percent in January. The state has remained at or above the 9 percent unemployment mark since April 2009.

 

Snohomish County posts state’s top foreclosure rate in February

Snohomish County posted the highest foreclosure rate of all Washington counties, with one in every 387 housing units receiving a foreclosure filing in February — 1.7 times the state average. Clark County had the second highest foreclosure rate, with one in every 426 housing units receiving a foreclosure filing during the month — 1.5 times the state average. One in every 444 housing units in Pierce County received a foreclosure filing, the third highest foreclosure rate in the state — 1.4 times the state average.

 

King County dominates state foreclosure totals in February

Reporting 1,429 properties with foreclosure filings, King County kept its status at the statewide leader. Snohomish County reported 730 properties with foreclosure filings, the second highest foreclosure total in the state. Pierce County came in third, reporting 728 properties with foreclosure filings. Clark County was fourth, tallying 384 properties with foreclosure filings. Fifth highest was Spokane County, where 199 properties with foreclosure filings were reported for the month.

 

State contributes 2 percent to nation’s foreclosure total in February

Two percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Washington. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Washington

0

0

2,597

0

1,788

4,385

642

0.90

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

424

0

306

730

387

1.49

1.66

Clark

0

0

199

0

185

384

426

1.36

1.51

Pierce

0

0

424

0

304

728

444

1.30

1.45

King

0

0

901

0

528

1,429

587

0.98

1.09

Cowlitz

0

0

31

0

37

68

626

0.92

1.03

 

 

Washington Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Washington

0

0

2,597

0

1,788

4,385

642

-11.97

64.23

 

 

 

 

 

 

 

 

 

 

King

0

0

901

0

528

1,429

587

4.54

119.51

Snohomish

0

0

424

0

306

730

387

-6.53

46.59

Pierce

0

0

424

0

304

728

444

-17.65

31.88

Clark

0

0

199

0

185

384

426

0.79

50.59

Spokane

0

0

126

0

73

199

1,002

-20.08

237.29

 

 

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