Business - Business News

POSTED: Wednesday, Nov. 12, 2008

Whatcom County foreclosure filings up slightly in October

Whatcom County's foreclosure filings remained somewhat stable in October, according to the latest numbers from a national study.

There were 41 foreclosure filings in Whatcom County last month, up from 37 in September, according to RealtyTrac. During the summer months, Whatcom County had between 52 and 71 foreclosure filings a month.

Last month's filings were down from the 53 in October 2007.

This area's monthly foreclosure rate continues to be better than the state and national average, according to the report. In Whatcom County, there was one foreclosure filing for every 2,080 households. The state average was one filing for every 631 households in October, while the U.S. average was one filing for every 452 households. Among counties in Washington, Pierce had the highest foreclosure rate, with one filing for every 236 households.

Nationally, the number of foreclosure filings - default notices, auction sale notices and bank repossessions - was 279,561 in October, up 5 percent from the previous month and up 25 percent year over year.

"We've seen sharp declines in new foreclosure filings after legislation mandating delays to the process was signed into law in several states - most notably in California," said James J. Saccacio, CEO of RealtyTrac, in a press release. "Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year."

Nevada had the highest state foreclosure rate, with one in every 74 households receiving a foreclosure notice in October, followed by Arizona and Florida.

Las Vegas had the highest metro foreclosure rate, with one in every 62 housing units getting a foreclosure notice, followed by Fort Myers, Fla., and Miami.