Posted by: 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.

10 responses to “Decline in Foreclosures Continued in November”

  1. Kary L. Krismer

    And just in time, the Seattle City Council considers doing something stupid about foreclosures:

    http://www.king5.com/news/local/Underwater-homeowners-get-a-chance-for-relief-in-Seattle-235497161.html

    I wonder if it would be legal for lenders to quit lending in Seattle if they passed such a law?

    I read last week that one city considering or actually starting that type of program had its new bond issuance rejected by the market, so now they are going to have to try to borrow money at a higher rate.

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  2. No Name Guy

    “It’s time for our detailed look at July’s foreclosure stats in King…..”

    The Tim: I hope you mean November.

    And Kary – my goodness…..the idiocy of the City of Seattle to consider such a short sighted policy boggles the mind. No sane person would ever lend again within the city limits.

    Oh, and to Alison Morrow at King 5 – it’s EMINENT domain, not “imminent” in the article.

    eminent domain
    noun
    law : a right of a government to take private property for public use

    imminent
    adjective \ˈi-mə-nənt\
    : happening very soon

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  3. Kary L. Krismer

    RE: No Name Guy @ 2 – Okay, I missed both the July thing, even though my thought when I saw the post was: “I wonder if Tim made a mistake on the month again.” And I also missed the “imminent domain” thing. That’s pretty funny. Clearly I’m trying to read things too quickly.

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  4. softwarengineer

    RE: Kary L. Krismer @ 1
    Yes Kary

    And in this case they can’t blame the bank for their health problems and job layoffs [which occur continuosly and location of home is irrelevant].

    Wow, still 20% underwater in Seattle….I thought short sales [even cash savings] made a bigger dent in this percentage than that. I was too optimistic….LOL

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  5. Kary L. Krismer

    By softwarengineer @ 4:

    Wow, still 20% underwater in Seattle….I thought short sales [even cash savings] made a bigger dent in this percentage than that. I was too optimistic….LOL

    As I’ve said repeatedly, those numbers are nothing more than made up BS numbers created to keep some statisticians employed for a short period of time, and then to create some publicity for whoever employed them. I’d even mentioned this in a piece back in September when the City Council was being told the number was even higher!

    http://www.trulia.com/blog/kary_l_krismer/2013/09/the_gullible_seattle_city_council

    That said, I would guess that of the lower end (e.g. 1 bathroom) houses are probably still well below the peak value.

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  6. mike

    RE: softwarengineer @ 4 – Undoubtedly false. If you look at the Case Shiller average of 16% below peak for the entire region and apply that to Seattle city for someone to be $65K-$130K underwater means they own a home purchased for somewhere in the neighborhood of $400K to over $800K! But if you look at the neighborhoods where values have not yet recovered, they’re typically places where you don’t find too many houses priced at that level.

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  7. mike

    Unrelated, but CR linked to a table showing % of home sales to investors across major cities yesterday. Jillayne asked a question about this recently. Seattle is coming in at the low end – even below SF at 2.42%:

    http://www.federalreserve.gov/econresdata/notes/feds-notes/2013/business-investor-activity-in-the-single-family-housing-market-20131205.html

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  8. Jillayne Schlicke

    Awesomesauce. Thanks, Mike!

    The mortgage industry better get on the EMINENT domain idea. Hasn’t this already been considered and then rejected in other cities?

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  9. David B.

    RE: Kary L. Krismer @ 3 – Stupid homeowners, only banks are too big to fail! Shut up and accept your inferiority as is your proper role in life.

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