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Foreclosures Are Back With a Vengeance in Seattle

Just a few weeks ago, we heard that foreclosures in the Seattle area fell by 40% in 2014. So, uh, what just happened? According to a new report by RealtyTrac, Seattle foreclosure activity skyrocketed 63% in January from December and was up 31% from a year ago to a 19-month high. The key culprit, according to RealtyTrac, was a rise in bank repossessions nationwide. Here in the Seattle-area, those went up 81% in January from a year ago. RealtyTrac VP Daren Blomquist also noted that foreclosure auctions and repossessions "are coming off somewhat artificially low levels last year and are still far below the highs reached during the worst of the foreclosure crisis back 2009 and 2010." A total of 1,874 Seattle-area properties made a foreclosure filing last month and foreclosure filing were up 13% state-wide across Washington.
· U.S. Foreclosure Activity Increases 5 Percent in January Driven By 15-Month High in Bank Repossessions [RT]
· Seattle foreclosures fall by more than 40 percent in 2014 [PSBJ]