Washington Foreclosures Picking Up Speed

July 16th, 2008 | Tags: Foreclosures

Washington foreclosures are slowly but surely picking up speed. It increased by more than 69% in June as compared to June 2007. From May this year foreclosures rose by 10%. Despite palliatives from government and private bodies foreclosures continue to reign supreme. Year-over-year the state the rate of increase was worse than the national rate of 50%.

The numbers till June were released by ReatlyTrac. It shows that in Washington the foreclosure rate is 1:984. It is a small mercy that it is an improvement from March when the rate was 1:705.

In June there were 2,742 new foreclosure postings across Washington State. It was a 155% jump from the figures noted in June 2005.

Pierce County was the worst hit with a foreclosure rate of 1:483 houses in the foreclosure net. In Snohomish County the rate was better with 1:966. King County scored the best with a foreclosure rate of 1:1,265.

It is best to bear in mind that the process of foreclosure takes a long time and as such the statistics shift and change. The numbers are not an accurate assessment of how many have lost or about to lose their houses to foreclosure.

Those lagging behind in mortgage dues have some options like becoming current or selling the units before the completion of the foreclosure process. Many successfully do so.

Foreclosure intensity varies from one locality to another. In Washington State the hottest spots in June were Cowlitz and Clark counties as well as Adams, Franklin, Pierce and Snohomish. The northeast and those parts next to Oregon saw relatively fewer foreclosures.

In June Nevada, California and Arizona were the highest offenders and continued to lead the country in foreclosures. Washington’s rank is 22. Here 1% of the mortgages that are lagging behind came from the sub-prime category in the fourth quarter of 2007. In comparison it was 10% in Nevada, according to Mortgage Bankers Association. In Nevada the foreclosure rate in June was 1:99. The national average is 1:501. RealtyTrac spokesperson James Saccacio comments that the worst is yet to come. He said “June is the second straight month with more than a quarter million properties nationwide receiving foreclosure filings.” The 50% year-over-year increase shows that the country has not come out of the woods as yet. It is a vicious foreclosure cycle that is leading the nation a merry dance.