Foreclosures Increase In Snohomish County

May 21st, 2008

Tucked away in the northwestern corner of USA is Washington County. Although foreclosures increased by 22% in its Snohomish County, the rate continues to be less than half the average rate of the country. In April 256 units were served foreclosure notices. It calculated to one out of every 1,057 houses being stained with the ignominy of foreclosures. It was a jump of 22% from what it was in April 2007 and an increase of 12% from March 2008. The figures were released by online data collecting firm RealtyTrac. In the counties of the state the figures made Snohomish rank 7th. In the state there had been an unexpected drop in foreclosures during March but in April it has again picked up speed.

In another county in Washington State, Island County, the foreclosure rate was one out of 1,725 houses. This was a spike of 50% from March 2008 and a high jump of 90% from what it was a year ago during the same time.

Washington occupied the 26th position among all the 50 states of USA in April 2008. Across the country the proportion was one foreclosure per 519 units. This was an increase of 4% from March and 65% jump from the previous year. Since RealtyTrac started operations in January 2005, this April was the cruelest and hottest foreclosure month.

About 2% of all the houses across the country are in foreclosure. This figure is enough to press down the real estate market with supply exceeding demand. The worst affected areas continue to be California, Florida, Nevada as well as Arizona. For 16 consecutive months Nevada is holding on the top rank of having the highest foreclosure rate. It is 3.6 times higher than the national median. In Nevada the high jump in foreclosures was by 95% since April 2007. Things have come to such a pass in some places like Vallejo that the City Council is filing for bankruptcy. Vallejo ranks sixth highest in foreclosure rate figures.

In Snohomish County the sale of properties have slowed down considerably. This had led to a drop in tax collection. Foreclosures are at the root cause of this vicious circle.

Foreclosures are affecting the entire nation but the concentrations differ from one locality to another. Hitherto the worst sufferers had been the modest to low-income regions in the urban areas but recently foreclosures are embracing gated communities and reaching out to rural America also.

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