Foreclosures Up 70% in WA Since Last June

Recent posts on Sweet Digs Seattle:

The Seattle Times reported that foreclosures are way up in Washington since this time last year. The good news is that Washington has significantly fewer sub prime mortgages than other troubled states like Navada. Since Washington follows national housing trends, just 18 months later, it looks like this year may be the worst of it for us.

Of the three Central Puget Sound counties, foreclosures again hit Pierce County hardest, with one in 483 households in trouble. In Snohomish County, it was one in every 966.King County fared best, with one household in 1,265 in trouble…In Washington state, 1 percent of outstanding mortgages were subprime in the fourth quarter 2007, according to the Mortgage Bankers Association’s most recent national delinquency survey.

By comparison, 10 percent of mortgages in Nevada, the foreclosure leader, were subprime. Last month, one in 99 Las Vegas homeowners was in foreclosure.

Here’s a look at the number of foreclosure filings for the past four Junes:
June 2005 1,077
June 2006 1,440
June 2007 1,646
June 2008 2,742
Source: RealtyTrac