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Foreclosure Rates Continue to Climb in U.S.

Posted on: Tuesday, 26 February 2008, 15:00 CST

Washington homeowners last month entered foreclosure at a higher rate than the national average, but the state still ranked 27th in the country for foreclosure activity, a new report reveals.

In January, the state recorded 2,200 foreclosure filings, a 9.13 percent increase from December. Nationally, the number of filings rose 8 percent from the previous month but was a 57 percent increase from January 2007.

"January's foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states," said James Saccacio, chief executive of RealtyTrac, a California firm that tracks such activity. It released January numbers today.

The growing tally generally reflects homeowners' financial distress from problem subprime mortgages, speculative home purchases or economic malaise in certain regions.

Filings indicate the number of homes entering the foreclosure process, not the number of homes lost in what is generally a long procedure that gives owners time to bring mortgage payments current.

The U.S. foreclosure rate last month was one filing for every 534 homes.

Washington ranked well behind the leaders in the rate of new filings, coming in about midway. Rates for King, Snohomish, Pierce and Kitsap counties were not immediately available.

Nevada ranked worst in the country, with about one foreclosure for every 167 households. It was followed by California, Florida, Arizona and Colorado.

RealtyTrac calculates 0.083 percent of this state's homeowners are in foreclosure. Nationally, the rate is 0.187 percent.

Source: The Seattle Times

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