Washington Foreclosures Decline in November

Foreclosure filings down 36 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,067 Washington properties in November, down 36 percent from the previous month but a 24 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Washington foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 41 percent for the month. This decline in foreclosure activity is partly seasonal and most likely associated to the ‘robo-signing’ controversy that has lenders and servicers halting foreclosure processing in the short run in order to get their documentation in proper order.”

Washington ranked 17th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 686 housing units receiving a foreclosure filing during the month, ranked it 17th again among the 50 states.

Snohomish County achieves top foreclosure rate honors in November

Snohomish County posted the top foreclosure rate in Washington for November, with one in every 430 housing units receiving a foreclosure filing — 1.6 times the state average. Pierce County reported the second highest foreclosure rate, with one in every 464 housing units receiving a foreclosure filing for the month — 1.5 times the state average. Mason County came in third, with one in every 484 housing units receiving a foreclosure filing — 1.4 times the state average.

 

King County dominates state foreclosure activity in November

Foreclosure activity was heaviest in King County, which reported 1,200 properties with foreclosure filings for the month. Pierce County tallied the second highest foreclosure level, reporting 692 properties with foreclosure filings. Third highest total was in Snohomish County, where 653 properties with foreclosure filings were reported. Fourth highest was Clark County, where 317 properties with foreclosure filings were reported. Thurston County filled out the top five for the month, reporting 206 properties with foreclosure filings.

 

State contributes 2 percent to nation’s foreclosure total

Washington accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Washington

0

0

2,640

0

1,427

4,067

686

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

413

0

240

653

430

1.15

1.60

Pierce

0

0

441

0

251

692

464

1.06

1.48

Mason

0

0

42

0

18

60

484

1.02

1.42

Cowlitz

0

0

62

0

24

86

489

1.01

1.40

Wahkiakum

0

0

2

0

2

4

496

0.99

1.38

 

 

Washington Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Washington

0

0

2,640

0

1,427

4,067

686

-35.91

23.69

 

 

 

 

 

 

 

 

 

 

King

0

0

759

0

441

1,200

694

-36.81

11.52

Pierce

0

0

441

0

251

692

464

-35.15

-7.98

Snohomish

0

0

413

0

240

653

430

-40.31

47.74

Clark

0

0

192

0

125

317

513

-39.85

43.44

Thurston

0

0

159

0

47

206

499

17.05

96.19

 

 

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