Seattle Area Foreclosures Up 64 Percent in 2008

Share Article

Pierce County Leads Area with Over 1.6 Percent of Homes in Foreclosure.

Default Research (http://www.defaultresearch.com), the premier provider of Seattle pre foreclosure data, is reporting that King, Pierce and Snohomish counties saw foreclosure activity increase 62 percent, 62 percent and 71 percent respectively. The highest foreclosure rate was found in Pierce County with 1.66 percent of households having a Notice of Trustee Sale, followed by Snohomish County with 1.1 percent, and .73 percent in King County.

"The Seattle region avoided the foreclosure crisis in 2006 and 2007, but the area was not as fortunate last year," said Serdar Bankaci, founder of Default Research. "Even though the foreclosure rates are up all over Seattle, the number of households in foreclosure is far below the national average of nearly three percent."

According to Default Research, real estate market indicators are strong for the region with median home prices remaining relatively stable while inventories have decreased. Even so, the area is not totally through the foreclosure problems plaguing the rest of the country. "We expect to see some increases in foreclosure activity in 2009, but it will still be much lower than the other major regions we cover," said Bankaci, whose daily foreclosure lists are e-mailed directly to real estate professionals in the region.

The region should also benefit from the effects of the federal government's bailout package and interest rate cuts by the end of 2009. Bankaci explained that it generally takes nine to 12 months before interest rates cuts by the government and other stimuli begin to benefit the consumer, and then the foreclosures will decline even further for the area.

Below is a unique and accurate local look at how the Default Research foreclosure statistics (December 2008) affect your area:

King County - Hardest hit cities are Seattle (135), Federal Way (56), Renton (43), Kent (42) and Renton (43)

Pierce County - Hardest hit cities are Tacoma (177), Puyallup (80), Spanaway (47), Gig Harbor (36) and Bonney Lake (21)

Snohomish County - Hardest hit cities are Everett (61), Snohomish (30), Marysville (30), Iynnwood (29) and Arlington (21)

Default Research provides Seattle foreclosure listings, reporting Trustee Sales Notices mere days after being recorded. The foreclosure statistics are a count of the number of Notice of Trustee Sales filed. Properties are counted once in a 12 month period. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed Washington State foreclosure statistics listed by county, please visit http://market.defaultrsearch.com.

If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc(at)defaultresearch.com

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Josh Chernikoff
Visit website