Heraldnet.com
TUESDAY, NOVEMBER 10, 2009 6:48 am
LocalNorthwestNation & WorldPoliticsSpecial ReportsPhotosColumnistsMultimedia 
Blog
Amy Rolph
H1N1 exposes weak leave policies
Blog
Amy Rolph
Chase to increase small-business lending next year
Your town news
Mike Benbow
Business editor Mike Benbow's insights into all things business.
•Latest: Extended tax credit should spur home sales
Steve Tytler
Steve Tytler answers your questions about real estate.
•Latest: Forecast for 2010 housing market: slow decline
 
WEEK IN REVIEW
Monday
Edmonds councilwoman dies at 59
Fire destroys Silver Lake landmark
Later start for school day unlikely in Marysville
Sunday
Six injured, three critically, in wreck near Ma...
Gay marriage issue can wait, say Referendum 71 ...
Glacier Peak freshman overcomes jitters to win ...
Saturday
More snow expected at mountain passes
Suspect identified in Seattle police killing
Thousands honor slain Seattle police officer Ti...
Friday


Officer Timothy Brenton. Gone, but not forgotten
Person sought in officer's killing is shot in head
Thousands to pay respects to slain Seattle poli...
Thursday


Tale of 1916 Everett Massacre retold in style o...
Reservist survived Iraq but not his return to c...
Swine flu suspected in infant’s death
Wednesday


‘Everything but marriage' law close to vi...
Library levy winning by 51% to 49%
Incumbents looking strong in Snohomish County C...
Tuesday


Delayed financial aid forcing college students ...
Slaying of officer reminds police of dangers of...
Edmonds turns over firefighting duties to Fire ...
 

ADVERTISEMENT

Business   Print This Article  Email This Page  Subscribe Now! facebook digg reddit del.icio.us fark stumble

 
ADVERTISEMENT

 
 
CONTACT THE HERALD
Mike Benbow, Business Editor
benbow@heraldnet.com
 
Published: Thursday, August 14, 2008

Local foreclosure rate low but rising

Homes lost to foreclosure in Snohomish County rose by 44 percent compared to a year ago, but the rate is lower than seen nationally.

The number of foreclosure filings in Snohomish County grew by 44 percent last month compared with a year ago, as trouble in the housing market continued to spread.

With one filing for every 856 households in the county, however, local foreclosure activity remains low compared with the rest of the nation, according to RealtyTrac Inc.

Nationally, one in every 464 households received a foreclosure filing during July, RealtyTrac reported. That was up by 55 percent compared with a year ago.

James Saccacio, the firm's chief executive officer, said more than 77,000 properties across the U.S. were repossessed by lenders during July.

Foreclosure filings increased from 2007 in all but eight states. Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan had the highest foreclosure rates; Washington state's rate of one filing for every 977 households ranked 26th.

Snohomish County's rate was the seventh highest among the state's three dozen counties. King County, with one filing for every 1,125 households, ranked 11th. Clark County, in southwest Washington, ranked first.

In Island County, foreclosure filings grew by a whopping 2,200 percent compared with July 2007. But the overall rate was still low -- just one filing for every 1,575 households.

The combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with few options for avoiding foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.

As foreclosures soar, banks and mortgage investors are also facing a pileup of foreclosed properties on their books and are cutting prices dramatically.

RealtyTrac noted that it had more than 750,000 foreclosed homes in its database of properties for sale, equal to about 17 percent of the 4.5 million U.S. homes that were up for sale in June.

To speed up the disposition of the 54,000 foreclosed properties it owns, Fannie Mae is opening offices in California and Florida and is considering selling those properties in bulk to investors. "I do not think this is a time to be holding onto (foreclosed properties) hoping for a better day," Chief Executive Daniel Mudd said last week.

It remains to be seen how much the government's intervention will stem the housing crisis. President Bush last month signed sweeping housing legislation that aims to prevent foreclosures by allowing homeowners to swap their mortgages for more affordable loans, but only if their lender agrees to take a loss on the initial loan.

The bill is projected to help about 400,000 households.

The number of foreclosures "could start to stabilize as early as the first quarter of next year if the government program gains any traction," said Rick Sharga, RealtyTrac's vice president for marketing. "That's really the unknowable right now."

In the RealtyTrac report, the Cape Coral-Fort Myers area in Florida was the metro area with the highest rate of foreclosure, followed by three California cities: Merced, Stockton and Modesto. Las Vegas ranked fifth.

1. Fire destroys Silver Lake landmark
2. Tree clearing, mud slide angers Everett neighbor
3. County tackles bikini barista rules
4. Six people injured in Machias car crash
5. Edmonds councilwoman dies at 59
6. Search for missing hiker called off
7. Later start for school day unlikely in Marysville
8. Extended tax credit should spur home sales
9. Hopes for Snohomish excursion train may hinge on railway purchase
10. Designing a new business
Enterprise Newspaper Snohomish County Business Journal
Gough on track to keep job
Jazz vocalist headlines NPAC
Mountlake Terrace makes football history
Tax revenue sagging, city budgets lagging
‘Touch of Magic' show opens at Gallery North
Jackson repeats as South champs
Holiday Bazaars Calendar
Meadowdale storms back to grab title
Edmonds moves to Fire District 1
The Enterprise Online Newspaper


Free Dessert!
Click here!

15% Off Your
First Time Purchase

QuadraFire Save $250
Free Smart-Stat

Pacific Northwest
Fresh Cuisine

All you can Eat Buffets
Angel of the Winds

FREE Appetizer w/
purchase of 2 entrees

Great Food
24 Hours a Day

Free Garlic Bread/Free Soda
Click here for details!

50% off 2nd Pizza
Special Click Here!

Buffet Dining
Tulalip Resort

Lube, Oil & Filter
Buy 1 - Get 1 FREE

Oil - Snohomish County
Low Prices - Fill Now!

Family Night Free Sundae
$9.99 Prime Rib

$2 OFF
at Box Office

20% off Click Here*
Buy 1 Offer Click Here*

$5 Off
Stylecut

Come and Relax
Monthly Specials

FREE Appetizer with any
purchase daily 2-6pm

20% Off Dinner
Up to $75 Value!

$5 OFF
Lunch or Dinner

Island Flavors with
Finest NW Ingredients

$1 off French Dip
$4.99 Burger Basket

25% off Bath & Groom
New Customers

20% Off Dinner
Up to $75 Value!
Sockeye's Restaurant
TODAY'S TOP JOBS
 View All Top Jobs 
Top Cars
Top Homes

ADVERTISEMENT