Foreclosures Declined Dramatically in November

It’s time for our detailed look at November foreclosure stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:

November 2014
King: 233 NTS, down 50% YOY
Snohomish: 177 NTS, down 42% YOY
Pierce: 232 NTS, down 45% YOY

The number of trustee sale notices was down big yet again both from last year and from last month. Here’s the chart of foreclosures per business day. Snohomish was flat month-over-month, while King and Pierce both fell dramatically:

Notices of Trustee Sale: Daily Rate

Here’s how the latest month’s weekday rate of foreclosures in each county compares to the 2000-2007 average and the highest level that was reached during the housing bust.

Daily Rate of Foreclosures

County Latest YOY ’00-’07 Max
King 12.9 -47% 13.4 73.4
Snohomish 9.8 -39% 7.0 37.1
Pierce 12.9 -42% 11.2 47.7

All three counties are still down double digits from last year’s levels. November’s level of foreclosures in King County was below the pre-bust average.

Here’s your interactive Tableau dashboard updated with the latest foreclosure data:

The percentage of households in the chart above is determined using OFM population estimates and household sizes from the 2000 Census. King County came in at 1 NTS per 3,588 households, Snohomish County had 1 NTS per 1,574 households, and Pierce had 1 NTS for every 1,366 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for May of one foreclosure for every 1,267 housing units was 16th highest among the 50 states and the District of Columbia. Note that RealtyTrac’s definition of “in foreclosure” is much broader than what we are using, and includes Notice of Default, Lis Pendens, Notice of Trustee Sale, and Real Estate Owned.

Hit the jump for a larger version of the chart that shows the percentage of households in each county receiving a foreclosure notice each month:

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