King, Pierce and Thurston counties all saw an increase in foreclosure activity in August as compared with the same time last year, new data show.
King County saw the biggest jump compared with August 2014, with a 45 percent year-over-year increase in the number of homes in some stage of foreclosure. Thurston’s increase was 34 percent, and Pierce’s just 10 percent.
Real estate analytics firm RealtyTrac was scheduled to release the data Thursday morning (Sept. 17).
Washington state also saw an almost 25 percent jump in foreclosure activity. However, nationally in August, foreclosure activity was down by 6 percent year over year. That decrease follows five consecutive months of year-over-year increases.
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Drilling into the specific stages of foreclosure, King, Pierce and Thurston all had no new notices of defaults in August, but all saw a year-over-year increase in the number of notices of trustee sales and in final bank repossessions. That trend is reflected in the state data, too; Washington saw a 1 percent dip in the number of foreclosure starts, but a 137 percent increase in the number of final repossessions.
Nationwide, bank repossessions also were up 40 percent in August compared with the same time a year ago.
That “indicates more batches of bank-owned homes will be rippling through the housing market over the next three to 12 months as lenders list these properties for sale,” said RealtyTrac vice president Daren Blomquist.