Washington Foreclosure Activity Increases in August

Filings increase 19 percent from July; foreclosure rate No. 14 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 6,760 Washington properties in August, a 19 percent increase from the previous month and a 154 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 413 Washington housing units received a foreclosure filing during the month, the 14th highest state foreclosure rate in the nation.

 

Washington foreclosures were up significantly in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was bank-owned properties, which climbed 32 percent for the month. The state’s home values fell more than twice the national average during the past year. This has likely contributed to the overall rise.”

 

As it has for quite some time now, California led the nation in foreclosure activity with 69,143 properties with foreclosures filings. Florida continued as the state with the nation’s second highest level of activity, reporting 56,877 properties with foreclosure filings in August. Michigan took over the spot as state with the third highest foreclosure level, tallying 17,764 properties with foreclosure filings for the month. Illinois dropped one notch to fourth highest, reporting 16,808 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Lewis County dominates the state in foreclosure rate for August

Lewis County posted the top foreclosure rate for August, where one in every 168 housing units received a foreclosure filing during the month. One in every 304 housing units received a foreclosure filing in Snohomish County, for the second highest rate in the state. Coming in third was Clark County, where one in every 305 housing units received a foreclosure filing in August. Fourth highest was Pierce County, where one in every 307 housing units received a foreclosure filing. Island County came in fifth, with one in every 329 housing units receiving a foreclosure filing during the month.

 

King County posts top foreclosure total for August

King County led Washington in total foreclosure activity for August, reporting 1,919 properties with foreclosure filings. Pierce County documented the second highest foreclosure activity, where 1,046 properties with foreclosure filings were reported. Snohomish County came in third, tallying 922 properties with foreclosure filings. Fourth highest was Clark County, where 533 properties with foreclosure filings were reported. Spokane County came in fifth, reporting 436 properties with foreclosure filings for the month.

 

State contributes 2 percent to nation’s monthly foreclosure total

Washington accounted for 2 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Washington

0

0

4,133

0

2,627

6,760

413

0.92

n/a

 

 

 

 

 

 

 

 

 

 

Lewis

0

0

80

0

111

191

168

2.27

2.46

Snohomish

0

0

541

0

381

922

304

1.25

1.36

Clark

0

0

342

0

191

533

305

1.25

1.35

Pierce

0

0

586

0

460

1,046

307

1.24

1.34

Island

0

0

80

0

33

113

329

1.16

1.25

 

 

Washington Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Washington

0

0

4,133

0

2,627

6,760

413

18.97

154.42

 

 

 

 

 

 

 

 

 

 

King

0

0

1,197

0

722

1,919

434

6.02

188.14

Pierce

0

0

586

0

460

1,046

307

-1.78

92.63

Snohomish

0

0

541

0

381

922

304

2.33

107.19

Clark

0

0

342

0

191

533

305

6.60

81.29

Spokane

0

0

307

0

129

436

453

204.90

550.75

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved