Seattle Foreclosures Still Below Other Cities’ Figures

Foreclosures in the Seattle area increased in October this year but were still below foreclosure figures in other cities, according to RealtyTrac, a leading foreclosure property marketer.

The counties of King and Snohomish had 1,839 foreclosed homes in October, an increase of 144% from September and an increase of 212% from October 2007. These increases are in contrast to the counties’ figures in September, when the counties had a 13-percent drop in foreclosures compared to September 2007.

RealtyTrac’s spokesman Daren Blomquist explained however that Seattle’s September figures could have discrepancies because of differences in foreclosure filing dates and RealtyTrac’s data entry dates.

The state of Washington had a total of 4,278 foreclosures in October, an increase of 119% from September and 95% from October 2007. With one foreclosure in every 631 households, Washington is 17th in a list of top foreclosure states in terms of foreclosure- household ratios. Nationwide, one home in every 452 households was foreclosed in October.

The state with the highest foreclosure rate is Nevada, with one foreclosure in every 74 households. It has held the highest monthly rate since January 2007. Its city of Las Vegas is also the highest in foreclosure rate among megacities, with one home in every 62 households being foreclosed.

Aside from Las Vegas, the other metropolitan areas with the highest foreclosure rates are the Florida cities of Cape Coral-Fort Myers, Miami, Fort Lauderdale and Orlando and the California cities of Stockton, Merced, Riverside-San Bernardino and Modesto.

Some foreclosure-laden states, such as California, had attained some reductions in their foreclosure rates in October after implementing foreclosure suspensions. But RealtyTrac’s chief executive James J. Saccacio called these suspension measures as mere delaying strategies. The temporary decrease in rates, he said, could even hide the real seriousness of the foreclosure problem. He called for more integration of foreclosure solutions that include meaningful loan modifications.

Related Posts:

• Nationwide Foreclosures Soared 25% From 2007
• Foreclosures to Continue By Next Year
• Connecticut Ranked 33rd in REO Properties Rate in May
• Increase in Foreclosures Drags Home Price in Northern California by 41 Percent
• Anti-Foreclosure Homes Plan Too Late for Some Families