It’s time for our detailed look at January’s foreclosure stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
King: 479 NTS, down 55% YOY
Snohomish: 285 NTS, down 50% YOY
Pierce: 407 NTS, down 44% YOY
The number of trustee sale notices increased month-over-month in Snohomish and Pierce counties, but fell in King—opposite of last month’s movement in all three counties. The weekday rate of foreclosures per business day was the same. Foreclosures continued to fall year-over-year across the board.
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 1,735 households, Snohomish County had 1 NTS per 971 households, and Pierce had 1 NTS for every 774 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for January of one foreclosure for every 1,272 housing units was 18th 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.