Seattle-Area Foreclosures Fell Again in September

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

September 2013
King: 570 NTS, down 32% YOY
Snohomish: 311 NTS, down 34% YOY
Pierce: 425 NTS, down 35% YOY

The number of trustee sale notices decreased month-over-month in all three counties and the year-over-year number was negative as well.

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 1,454 households, Snohomish County had 1 NTS per 887 households, and Pierce had 1 NTS for every 739 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for September of one foreclosure for every 926 housing units was 14th 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.

  

About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

3 comments:

  1. 1

    Foreclosure Counts are Always Political

    We sometimes wonder what’s held back from the counts.

    Rate this comment: Thumb up 0

  2. 2
    ugggh says:

    Good. More added to the swelling shadow inventory that will be released in the upcoming RE crash, bigger than the previous.

    Rate this comment: Thumb up 0

  3. 3
    corndogs says:

    RE: ugggh @ 2RE: softwarengineer @ 1 – YYYAAAAAWWWWWWNNNN! zzzzzzzzzzzzzzzzzzzzzzz

    Rate this comment: Thumb up 0

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