Seattle Foreclosed Property Listing Grew in September
The pace of foreclosed property listing in the Seattle metro area grew in September, compared to the previous month, based on a foreclosure report released by an online real estate research firm. The month-over-month increase bucked the national trend of decrease from August.
The pace of foreclosure in the metro Seattle-Tacoma area grew in September by 37 percent compared to September last year and by 6.5 percent compared to August.
The rate of increase in foreclosure filings in September, which included default notices, foreclosure notices and bank repossessions, were higher than the 29-percent nationwide rate. In September, the national rate dropped by four percent from August.
In the July to September quarter, foreclosure postings throughout the Seattle metro area increased by nearly 38 percent compared to the third quarter in 2008, but dropped by more than 11 percent compared to the second quarter this year.
Among the 203 largest metro areas in the U.S., the Seattle metro ranked 95th based on the July to September foreclosure rate and was 136th in foreclosure rate in September. The researchers surveyed the country’s metro areas with populations of 200,000 and above.
Nationwide, the pace of foreclosed property listing in the third quarter rose by 23 percent from the same quarter in 2008 and five percent from the April to June quarter.
Statewide, one out of every 264 houses received a default or foreclosure notice in the third quarter, putting Washington 23rd among states ranked by foreclosure rates. Its rate increased by 33 percent compared to last year, but dropped by more than 7.3 percent compared to the April to June quarter.
Again, Nevada topped the chart in statewide foreclosure rates, with one out of every 23 houses hit with a default or foreclosure filing. The rate marked a jump of 59 percent from 2008 and 10 percent compared to the previous quarter.
In a separate report released by another real estate research firm, the pace of foreclosure in Seattle also increased in August this year compared to August in 2008. In the metro area covered by Seattle, Everett and Bellevue, 1.68 percent of homes bought with loans have gone into foreclosure in August, much higher than the 0.58 level in August last year.
The firm also found that mortgage defaults increased to 4.41 percent of all mortgage loans in Seattle, further increasing the pace of foreclosed property listing in the area.
