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Originally published Saturday, June 14, 2008 at 12:00 AM

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Business Digest

Foreclosures rise 17.6 percent in May

Pacific Northwest The number of Washington state homeowners swept up in the housing crisis rose further last month, with foreclosure filings...

The number of Washington state homeowners swept up in the housing crisis rose further last month, with foreclosure filings up 17.6 percent on an annual basis, the foreclosure-listing company RealtyTrac said Friday.

Last month, one in every 1,081 Washington households experienced a foreclosure filing, well below Nevada, the nation's leader with one in every 118 households, or California, where one in every 183 households was in distress. The incidence was lower in King County — one in every 1,357 households — and higher in Snohomish County, where a new foreclosure hit one in every 936 households.

Foreclosure filings increased from a year earlier in all but 10 states. Nevada, California, Arizona, Florida and Michigan had the highest statewide foreclosure rates. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from 176,137 in the same month last year and up 7 percent from April, RealtyTrac said.

Varolii

Software maker pulling out of IPO

Software maker Varolii said Friday it was pulling an initial public offering intended to raise up to $86 million.

In a letter to federal regulators, the Seattle-based company said it is canceling the stock sale due to "difficult market conditions" for IPOs.

Varolii, which makes communication tools for airlines, utilities, banks and other consumer-oriented companies, filed plans to go public on the Nasdaq exchange last September.

Several Washington companies have withdrawn planned IPOs in the past year, including Tully's Coffee of Seattle, which has long tantalized its investors with the prospect of an IPO; Symetra Financial of Bellevue, the former life-insurance and investment unit of Safeco; Venture Financial of DuPont, Pierce County, parent of Venture Bank; and Imperium Renewables of Seattle.

Seattle biopharmaceutical company Omeros and Bellevue-based telecom Intelius have filed to go public but haven't completed their offerings.

Aviation

Portland flights from Boeing Field

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SeaPort Airlines said it will start daily scheduled flights from Boeing Field in Seattle to Portland International Airport on June 30.

The carrier's parent company also runs Wings of Alaska, which has flown scheduled routes between Juneau, Alaska, and four outlying communities since 1983, said CEO Kent Craford.

SeaPort plans eight daily round trips on weekdays, and four each on Saturday and Sunday. Fares start at $149 for a one-way restricted fare.

Craford said the airline will fly nine-passenger, Swiss-built Pilatus PC-12s, pressurized turboprops that more typically are used in corporate aviation. And unlike some airlines, it isn't charging $15 for the first piece of checked baggage.

Compiled from Seattle Times business staff

Copyright © 2008 The Seattle Times Company

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