Default Research, the premier provider of foreclosure real estate data in the Seattle area, is reporting that foreclosures were up 47 percent in 2007, a relatively low number compared to the rest of the extensive Default Research coverage area.

According to Default Research (www.defaultresearch.com), Pierce, Snohomish and King Counties had 1.11 percent, .70 percent and .49 percent of households enter some phase of the foreclosure process in the last 12 months. The Seattle averages for homes in foreclosure are far below other regions in the Default Research coverage area, such as Southern California and Phoenix, had approximately two or three percent of their households in foreclosure.

“Washington State foreclosures were under control in 2007,” said Serdar Bankaci, President/CEO of Default Research. “Seattle dodged the foreclosure bullet primarily because there was less speculative investing, a high median income rate compared with home prices, and not as much volatility in home prices.”

Posted: 01|13|08 at 11:27 am. Filed under: US News.