Washington State Foreclosure Information
According to the website Realty Trac, the state of Washington had 35,268 foreclosure filings as of December 2009, ranking it 24th in the United States concerning number of foreclosures, percentage of housing units effected in the state, and percentage change from 2008. In Washington, one in 78 homes have had a foreclosure filing, up 35.34 percent from 2008. The percent of housing units affected in the state is 1.29 percent of the total housing units in the state.
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Counties and Foreclosures
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The number of foreclosure filings in the state of Washington varies by county, with King County taking the lead with 8,239 foreclosures as of the end of 2009. Pierce and Snohomish Counties are not far behind with respective 6,129 and 4,401 foreclosures, while Kitsap County comes in fourth with approximately 2,000 foreclosures. According to the website Realty Trac, the counties with the lowest number of foreclosures, or under 25 total each, include Ferry, Whitman, Columbia, Klickitat, Skamania, Okanogan, Lincoln, Pend Oreille, Garfield, Adams, San Juan and Wahkiakum counties.
Washington vs. the Nation
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Ranked 24th in America for foreclosure filings, the state of Washington closely resembles Minnesota, Massachusetts and Oregon in terms of number of foreclosure filings, which includes 30,000 to 40,000 for each of the four states. In terms of percentage of total homes affected by foreclosure, the state of Washington is evenly matched with South Carolina, New Hampshire and Arkansas, which each range from 1.21 to 1.29 percent of homes in the state effected by foreclosure. Maryland, Illinois and Florida closely match Washington's percentage of change from 2008, with each coming in at a range from 32 to 35 percent increased change as of the end of 2009.
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Effect on House Values
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As of May 2010, house values in the state of Washington were down 5.7 percent from May, 2009, according to the website Zillow. Since the first quarter of 2010, housing values were down 1.5 percent, with April to May seeing a half percentage point in decline. The average house value in the state of Washington is $254,200, down from approximately $270,000 in 2009, $305,000 in 2008, and $320,00 in 2007. The Mount Vernon Metro area has seen the worst year-over-year decline from May 2010 to May 2009, with a 15.6 percent decrease compared to the statewide 5.7 percent decrease in average home value.
Post Recession Washington
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According to the website of the Washington State Office of the Attorney General, after the 2001 recession hit, the state of Washington's foreclosure ratings were on the decline, but rose in 2006's fourth quarter, and have continued to rise.
Employment Rate and Foreclosures
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The strong employment rate in the state of the Washington, according to the Washington State of Office of the Attorney General, is one reason the state of Washington was cushioned from the foreclosure trend in the first years after the recession, but with unemployment on the rise, this can change. Washington's non-farm employment rate was stronger than the nation's after the recession, which led to more safety measures set up to combat home foreclosures.
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References
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