It’s time once again to expand on our preview of foreclosure activity with a more detailed look at August’s stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
King: 776 NTS, down 36% YOY
Snohomish: 385 NTS, down 39% YOY
Pierce: 461 NTS, down 44% YOY
Foreclosure notices just keep falling across all three counties from last year’s levels. I think by early next year we should have some idea of whether this is due to some sort of actual underlying improvement or if the legislature is just succeeding in making the foreclosure process more difficult for banks.
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 1,064 households, Snohomish County had 1 NTS per 709 households, and Pierce had 1 NTS for every 694 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for June of one foreclosure for every 894 housing units was 23rd 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.