Washington Foreclosure Activity Drops in November

Statewide filings down 2 percent from October

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,625 Washington properties in November, a 2 percent decrease from October and 35 percent below the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Washington had the 23rd highest foreclosure rate in the nation, reporting one in every 1,072 housing units with a foreclosure filing in November.

Snohomish County posts top foreclosure rate in the state for November
 One in every 627 housing units in Snohomish County had a foreclosure filing in November —  1.7 times the state average — the highest foreclosure rate of all Washington counties for the month. Pierce County had the second highest rate of one in every 690 housing units with a foreclosure filing during the month — 1.5 times the state average. Cowlitz County had the third highest rate of one in every 818 housing units with a foreclosure filing during the month — 1.3 the state average.

King County has the highest foreclosure total in November
 King County tallied the highest level of foreclosure activity in the state, reporting 803 properties with foreclosure filings for the month. Pierce County had the second highest total, reporting 468 properties with foreclosure filings. Snohomish County was third, reporting 450 properties with foreclosure filings. Fourth highest was Spokane County, recording 202 properties with foreclosure filings. Clark County was fifth highest, tallying 172 properties with foreclosure filings for the month.

State a minor contributor to total foreclosure activity in November
 Washington accounted for 1 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Ohio and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

 

Washington Top Foreclosure Rates By County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

Washington

0

0

1,410

0

1,215

2,625

1,072

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

227

0

223

450

627

0.92

1.71

Pierce

0

0

244

0

224

468

690

0.84

1.55

Cowlitz

0

0

25

0

27

52

818

0.71

1.31

Clark

0

0

84

0

88

172

951

0.61

1.13

Kitsap

0

0

52

0

54

106

970

0.60

1.11

 Washington Top Foreclosure Totals by County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

Washington

0

0

1,410

0

1,215

2,625

1,072

-2.20

-35.46

 

 

 

 

 

 

 

 

 

 

King

0

0

412

0

391

803

1,045

11.84

-33.08

Pierce

0

0

244

0

224

468

690

-9.13

-32.37

Snohomish

0

0

227

0

223

450

627

-0.88

-31.09

Spokane

0

0

129

0

73

202

987

149.38

20.96

Clark

0

0

84

0

88

172

951

-38.35

-45.74

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