WASHINGTON FORECLOSURES JUMP 36 PERCENT IN AUGUST

State’s Activity 36 Percent Higher Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Washington reported 1,613 properties entering some stage of the foreclosure process in August, a 36 percent spike in activity from the 1,189 properties reported in July, and 36 percent above the 1,185 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Even though real estate prices are on the rise in Washington, the number of foreclosures are also continuing to rise,” said James J. Saccacio, chief executive officer of RealtyTrac. “These are significant jumps in foreclosure activity we are seeing both for the month and compared to last year.”

 

Washington ranked 18th in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 1,483 households — 68 percent of the national average — ranks it 18th among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 65 percent of all foreclosures in Washington for August. Leading King County had the most foreclosures, reporting 430 properties entering some stage of the foreclosure process. Pierce County had the second highest total, reporting 372 properties entering some stage of the foreclosure process, followed by Snohomish County where 245 properties entered some stage of the foreclosure process. Spokane County also had a notable total, reporting 124 properties in the foreclosure pipeline.

 

Highest foreclosure rate reported in Franklin County

Franklin County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 619 households — 2.4 times the state average and 1.6 times the national average.  Reporting one new foreclosure filing for every 709 households — 2.1 times the state average and 1.4 times the national average — Mason County had the second highest foreclosure rate in the state.

 

State makes significant contribution to national total

Washington‘s foreclosure activity contributed 4 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                            Washington Foreclosure Market by County – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Washington

24

1,511

0

0

78

1,613

1,483

0.68

 

 

 

 

 

 

 

 

 

 

Adams

0

6

0

0

1

7

825

1.22

1.80

Benton

2

13

0

0

7

22

2,544

0.39

0.58

Chelan

0

16

0

0

0

16

1,900

0.53

0.78

Clallam

0

0

0

0

1

1

30,683

0.03

0.05

Clark

9

47

0

0

1

57

2,351

0.43

0.63

Columbia

0

1

0

0

0

1

2,018

0.50

0.73

Cowlitz

1

18

0

0

3

22

1,756

0.57

0.84

Douglas

0

4

0

0

0

4

3,236

0.31

0.46

Franklin

1

20

0

0

5

26

619

1.62

2.40

Grant

0

8

0

0

2

10

2,908

0.34

0.51

Grays Harbor

1

9

0

0

0

10

3,249

0.31

0.46

Island

1

5

0

0

0

6

5,396

0.19

0.27

Jefferson

0

3

0

0

1

4

3,536

0.28

0.42

King

1

419

0

0

10

430

1,726

0.58

0.86

Kitsap

0

63

0

0

2

65

1,425

0.70

1.04

Kittitas

0

2

0

0

1

3

5,492

0.18

0.27

Klickitat

0

0

0

0

0

0

0.00

0.00

Lewis

0

14

0

0

2

16

1,849

0.54

0.80

Lincoln

0

0

0

0

0

0

0.00

0.00

Mason

0

35

0

0

1

36

709

1.42

2.09

Okanogan

0

0

0

0

0

0

0.00

0.00

Pacific

0

2

0

0

0

2

6,996

0.14

0.21

Pend Oreille

0

0

0

0

0

0

0.00

0.00

Pierce

1

356

0

0

15

372

745

1.35

1.99

San Juan

0

2

0

0

0

2

4,876

0.21

0.30

Skagit

4

35

0

0

0

39

1,094

0.92

1.35

Skamania

0

0

0

0

0

0

0.00

0.00

Snohomish

2

236

0

0

7

245

964

1.04

1.54

Spokane

0

115

0

0

9

124

1,411

0.71

1.05

Stevens

0

3

0

0

0

3

5,866

0.17

0.25

Thurston

1

31

0

0

3

35

779

1.29

1.90

Whatcom

0

12

0

0

4

16

4,618

0.22

0.32

Yakima

0

36

0

0

3

39

2,030

0.49

0.73

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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