Foreclosures Mixed Around Seattle in March

Foreclosures Mixed Around Seattle in March

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

March 2013
King: 438 NTS, down 45% YOY
Snohomish: 288 NTS, down 38% YOY
Pierce: 204 NTS, down 66% YOY

The number of trustee sale notices continued to drop dramatically from year-ago levels in all three counties. After adjusting for non-holiday weekdays, weekday rate of foreclosures per business day was down month-over-month in Pierce, up in Snohomish, and flat in King.

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 1,899 households, Snohomish County had 1 NTS per 962 households, and Pierce had 1 NTS for every 1,545 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for January of one foreclosure for every 1,543 housing units was 21st 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.

2 comments:

  1. 1
    FlipperInSeattle says:

    No only is NTS volume down, but actual properties that make it to sale (no postponed, sale off, etc) is even farther down. KingCo has had some of the slowest weeks at the auction in my years, and 2 weeks ago they only sold 2 in SnoCo.

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  2. 2

    What is “mixed” in the data?

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