Washington Foreclosures Up in 2010

Foreclosure filings increase 24 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 43,856 Washington properties for 2010, up 24 percent from a year ago and 68 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 4,029 Washington properties in December 2010, a 1 percent decrease from November and 10 percent below the level reported in December 2009. One in every 693 Washington housing units received a foreclosure filing during the month.

 

“Foreclosure activity in Washington heated up in 2010, with the state racking up more filings than in either of the two previous years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Moving into 2011, residents are no doubt hoping to see some positive effects brought on by the state’s improving economy. Though unemployment remains high at 9.3 percent, Washington has been experiencing slow-but-steady job growth since last summer, which could help repaint its foreclosure picture in the coming months.”

 

One in every 64 Washington housing units received a foreclosure filing in 2010, the 18th highest state foreclosure rate in the nation for the year.

 

Snohomish and Pierce counties post state’s top foreclosure rate in 2010

Snohomish and Pierce counties posted the highest foreclosure rate in Washington in 2010, with one in every 41 housing units receiving a foreclosure filing. Clark County was second, with one in every 45 housing units receiving a foreclosure filing in 2010. The next highest was Grays Harbor County, where one in every 54 housing units received a foreclosure filings during the year.

 

King County led the state in foreclosure activity in 2010

King County led Washington in foreclosure activity, reporting 13,156 properties with foreclosure filings. Pierce County had the second highest foreclosure total, with 7,884 properties with foreclosure filings. Snohomish County was third highest foreclosure activity, reporting 6,886 properties with foreclosure filings for the year. Clark County came in fourth, tallying 3,589 properties with foreclosure filings. Fifth highest total for the year was in Spokane County, where 1,800 properties with foreclosure filings were reported.

 

State a moderate contributor to total foreclosure activity in 2010

Washington accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Washington

0

0

23,175

0

20,681

43,856

64

0.71

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

3,662

0

3,224

6,886

41

1.10

1.56

Pierce

0

0

4,123

0

3,761

7,884

41

1.10

1.56

Clark

0

0

1,970

0

1,619

3,589

45

0.99

1.41

Grays Harbor

0

0

203

0

444

647

54

0.84

1.19

Cowlitz

0

0

380

0

374

754

56

0.81

1.14

 

 

Washington Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Washington

0

0

23,175

0

20,681

43,856

64

24.35

68.30

 

 

 

 

 

 

 

 

 

 

King

0

0

7,105

0

6,051

13,156

63

28.55

105.37

Pierce

0

0

4,123

0

3,761

7,884

41

7.69

18.22

Snohomish

0

0

3,662

0

3,224

6,886

41

31.99

143.06

Clark

0

0

1,970

0

1,619

3,589

45

-7.21

41.24

Spokane

0

0

949

0

851

1,800

110

83.86

57.07

 

 

 

Washington Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Washington

0

0

2,303

0

1,726

4,029

693

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Snohomish

0

0

386

0

292

678

414

1.21

1.67

Pierce

0

0

425

0

323

748

430

1.17

1.61

Clark

0

0

157

0

140

297

547

0.91

1.27

Mason

0

0

28

0

19

47

618

0.81

1.12

Cowlitz

0

0

28

0

37

65

647

0.77

1.07

 

 

Washington Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Washington

0

0

2,303

0

1,726

4,029

693

-0.93

-9.81

 

 

 

 

 

 

 

 

 

 

King

0

0

682

0

541

1,223

681

1.92

8.42

Pierce

0

0

425

0

323

748

430

8.09

-0.27

Snohomish

0

0

386

0

292

678

414

3.83

3.99

Clark

0

0

157

0

140

297

547

-6.31

-21.22

Spokane

0

0

118

0

73

191

1,033

14.37

-39.17

 

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