It’s time once again to expand on our preview of foreclosure activity with a more detailed look at May’s stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
May 2011
King: 834 NTS, down 24% YOY
Snohomish: 522 NTS, down 12% YOY
Pierce: 541 NTS, down 27% YOY
Foreclosure notices continued to decline from last year in all three counties in May. It still remains to be seen whether this is a true easing or just an artifact of the recently-passed foreclosure legislation from Olympia.
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 987 households, Snohomish County had 1 NTS per 521 households, and Pierce had 1 NTS for every 591 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for May of one foreclosure for every 781 housing units was 18th hightest 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:
Note: The graphs above are derived from monthly Notice of Trustee Sale counts gathered at King, Snohomish, and Pierce County records. For a longer-term picture of King County foreclosures back to 1979, hit this chart and drag the date slider to its full range. For the full legal definition of what a Notice of Trustee Sale is and how it fits into the foreclosure process, check out RCW 61.24.040. The short version is that it is the notice sent to delinquent borrowers that their home will be repossessed in 90 days.