Washington Foreclosure Activity Up in October

Foreclosure filings up 12 percent from September; rate 14th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 6,346 Washington properties in October, a 12 percent increase from the previous month and 90 percent above the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 440 Washington housing units received a foreclosure filing in October, maintaining the state’s status as the 14th highest foreclosure rate in the nation for the month.

 

Washington foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 29 percent for the month. While its unemployment rate remains below the national average, home values fell more than twice the level of most states earlier this year. Home sales were also lower than the national average. These trends need to turn around before we see a change in the foreclosure situation here.”

 

California continued to lead the nation in total foreclosures in October with 66,475 properties with foreclosure filings. Florida remained in sole possession of second place, reporting 56,858 properties with foreclosure for the month. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

Snohomish County posts state’s top foreclosure rate for October

Snohomish County posted the highest county foreclosure rate in Washington for the month, with one in every 256 housing units receiving a foreclosure filing during October — 1.7 times the state average. Pierce County registered the second highest foreclosure rate, with one in every 301 housing units receiving a foreclosure filing during the month — 1.5 the state average. Clark County was third highest, with one in every 308 housing units receiving a foreclosure filing — 1.4 times the state average.

 

King County dominates state foreclosure activity in October

Foreclosure activity was heaviest in King County, which reported 1,899 properties with foreclosure filings for the month. Snohomish County tallied the second highest foreclosure level, reporting 1,094 properties with foreclosure filings. Third highest total was in Pierce County, where 1,067 properties with foreclosure filings were reported. Fourth highest was Clark County, where 527 properties with foreclosure filings were reported. Spokane County filled out the top five for the month, reporting 351 properties with foreclosure filings.

 

State contributes 2 percent to nation’s monthly foreclosure total

Washington accounted for 2 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Washington

0

0

3,943

0

2,403

6,346

440

0.88

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

712

0

382

1,094

256

1.52

1.72

Pierce

0

0

686

0

381

1,067

301

1.29

1.46

Clark

0

0

333

0

194

527

308

1.26

1.43

Cowlitz

0

0

47

0

51

98

429

0.90

1.02

King

0

0

1,175

0

724

1,899

439

0.89

1.00

 

 

Washington Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Washington

0

0

3,943

0

2,403

6,346

440

12.00

90.17

 

 

 

 

 

 

 

 

 

 

King

0

0

1,175

0

724

1,899

439

10.60

120.95

Snohomish

0

0

712

0

382

1,094

256

34.07

69.61

Pierce

0

0

686

0

381

1,067

301

-4.65

29.81

Clark

0

0

333

0

194

527

308

21.15

81.72

Spokane

0

0

242

0

109

351

562

83.77

294.38

 

           

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