New York City Litigation Lawyers Blog

January was a bad month for North Western Washington. Whatcom County, home of the beautiful city of Bellingham and Western Washington University, is getting hit hard by the economy. Conflicting reports will tell you the national economy is either getting better, or worse. Generally those opinions are either politically or corporately motivated. If Whatcom County is concerned, regardless of what anyone says, their “main street” is lagging.

Bankruptcies

According to data from the U.S. Bankruptcy Court Western District in Seattle, bankruptcies in Whatcom County tallied 62 in January, up from the 60 filed in December. But monthly spikes in the middle of 2009 show that bankruptcy filings locally have been relatively stable. For each of the past four months, the total has been between 60 and 70.

In Skagit County there were 34 bankruptcy filings, nearly matching January 2009’s total of 32. A sign that the economy is either stagnating or getting worse.

Foreclosures

As reported in the Bellingham Herald, RealtyTrac, an online database for foreclosure properties, showed 52 notices of trustee sales and 29 notices of bank repossession were filed in January. The Whatcom County Assessor’s Office Web site found 82 such filings in January. Totals between RealtyTrac and the county Web site can vary based on the filing dates of the documents.

Still, January numbers at the Assessor’s office are up from December, which had 76 total filings. RealtyTrac estimates that one household in every 1,081 received a foreclosure notice last month in Whatcom County, ranking it 10th highest in the state.

The Washington state foreclosure rate was one household for every 799 last month; the U.S. rate was one for every 409. Not a good sign for Washington, which is reeling under the announcement of Boeing relocating some of its production facilities.

“January foreclosure numbers are exhibiting a pattern very similar to a year ago: A double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, CEO of RealtyTrac, in a press release accompanying the foreclosure data. “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs … or the alternatives work.”

National Trends

The national foreclosure filings totaled 315,716 in January, a nearly 10 percent decline from December but still up 15 percent year over year.

Nationally, Nevada, Arizona and California had the top foreclosure rates last month. Washington state ranked 28th highest. Las Vegas had the highest metro rate, with one in every 82 housing units receiving a filing.

Personal Protection

The stagnate economy, downward trend of property values, and dwindling job prospects for many Washington workers may make these high numbers remain into the foreseeable future. If you are facing foreclosure and being buried under a stack of debts with no foreseeable way out, call Phillips Webster for a bankruptcy consultation and to review your legal options.

Investors in broke resorts sue Credit Suisse, say bank giant schemed to take over properties

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Montana man with 6 DUI convictions charged after testing 4 times legal limit for alcohol

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A single source for India's laws and legislations

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Two hot Goa night clubs to be demolished

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Aluminum baseball bat's safety put on trial in death of amateur Montana pitcher

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Verdict in Montana lawsuit against drug maker Zometa could have national significance

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