Washington Foreclosure Activity Rises in January

Statewide filings up 3 percent from December

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,022 Washington properties in January, a 3 percent increase from December, but still 59 percent below the level reported for January 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Washington had the 33rd highest foreclosure rate, reporting one in every 1,427 Washington housing units with a foreclosure filing in January.

Snohomish County posts top foreclosure rate in the state for January
 One in every 689 housing units in Snohomish County had a foreclosure filing in January — 2.1 times the state average — the highest foreclosure rate of all Washington counties for the month. Mason County had the second highest rate of one in every 879 housing units with a foreclosure filing during the month — 1.6 times the state average. Cowlitz County had the third highest rate of one in every 905 housing units with a foreclosure filing during the month — 1.6 times the state average.

King County leads state in foreclosure activity in January
 King County led the state in total foreclosure activity, reporting 653 properties with foreclosure filings for the month. Snohomish County had the second highest total, reporting 416 properties with foreclosure filings. Pierce County was third, reporting 358 properties with foreclosure filings. Fourth highest was Clark County, recording 169 properties with foreclosure filings. Thurston County was fifth highest, tallying 74 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in January
 Washington accounted for 1 percent of the 210,941 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by 3 percent from December, but was still down over 19 percent from the level reported in January 2011. One in every 624 U.S. housing units received a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Michigan, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued. “The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year. Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders. We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

 

Washington Top Foreclosure Rates By County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

n/a

n/a

Washington

0

0

962

0

1,060

2,022

1,427

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

191

0

225

416

689

0.91

2.07

Mason

0

0

21

0

16

37

879

0.71

1.62

Cowlitz

0

0

22

0

26

48

905

0.69

1.58

Pierce

0

0

183

0

175

358

909

0.69

1.57

Clark

0

0

68

0

101

169

991

0.63

1.44

 

Washington Top Foreclosure Totals by County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X   HU (rate)

% Chg   Dec 11

% Chg   Jan 11

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

2.89

-19.28

Washington

0

0

962

0

1,060

2,022

1,427

3.32

-59.41

 

 

 

 

 

 

 

 

 

 

King

0

0

316

0

337

653

1304

2.67

-52.23

Snohomish

0

0

191

0

225

416

689

70.49

-46.73

Pierce

0

0

183

0

175

358

909

-1.92

-59.50

Clark

0

0

68

0

101

169

991

-13.78

-55.64

Thurston

0

0

57

0

17

74

1462

89.74

-59.78

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