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: 1,056 NTS, up 36.1% YOY
Snohomish: 704 NTS, up 82.9% YOY
Pierce: 878 NTS, up 90.5% YOY
Up across the board, from up big to up huge. Of course we don’t know yet whether this is an actual increase in people falling behind on their mortgages or if it is just another weird artifact of the constantly-changing laws, regulations, and court rulings involving foreclosures.
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 792 households, Snohomish County had 1 NTS per 392 households, and Pierce had 1 NTS for every 369 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for August of one foreclosure for every 664 housing units was 11th 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:
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.