Foreclosure Rates Increasing in Kitsap County
By Admin
An article in Housing Wire reports that the number of foreclosures has increased in 65% of the metropolitan statistical areas in the country and cites Seattle as the MSA with the most increase.
The Seattle area had the highest increase. There, foreclosure filings, which include notices of default, pending cases, notices of foreclosure sale and repossessions, increased 71% from the third quarter of 2009. Chicago was second with a 35% increase followed by Houston, Texas at 26%.
RealtyTrac data in Kitsap County show an increase as well. Looking over a longer period, we’ve seen the number of foreclosures/month in Kitsap County increase from 84 in March 2010 to 206 in September. Similarly the number on Bainbridge Island has approximately quadrupled from 5 in March to 22 in September. The number in Bremerton has more than doubled from 30 in March to 80 in September.
To the best of our knowledge Bank of America has still suspended foreclosures in non-judicial foreclosure states, so this moratorium may dampen the numbers in future months until it is resolved. Generally banks have been more aggressive in pursuing foreclosures this year after holding back for many homeowners while they pursued loan modifications through HAMP.
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