Decline in Foreclosures Continued in April

Decline in Foreclosures Continued in April

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:

April 2013
King: 441 NTS, down 41% YOY
Snohomish: 197 NTS, down 53% YOY
Pierce: 335 NTS, down 44% YOY

The number of trustee sale notices is still falling fast 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 King and Snohomish, but up in Pierce.

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 1,887 households, Snohomish County had 1 NTS per 1,408 households, and Pierce had 1 NTS for every 942 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for April of one foreclosure for every 1,508 housing units was 22nd 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

    I’ll Know More After My HOA’s Emergency $400K Loan Meeting May 23rd

    But the current board proposal is a $2800 lien on each of the 110 units in the HOA [evidently the banks are so tight right now, they wouldn’t just approve a $400K loan to a HOA for maintenance on just HOA fees alone, they wanted our homeowners’ units as collateral]. An additional $20/mo HOA fee is also being suggested. This totals $51/mo in fees and liens for each HOA home owner. If approved, I plan on immediately paying the lien off by its theoretical July 1st deadline. The HOA fees and lien payments [if not paid off by deadline] would theoretically total up to $221/mo.

    Now, a $51/mo 10 year payment increase plan for the lien and fees may seem small to a lot of us, but can be devastating to those living on small fixed incomes [it subtracts from their grocery budget]. Yes, this can [worse case scenario] lead to foreclosures in my neighborhood. If the defaults capture enough units, my HOA will bankrupt, leaving the City of Kent to take possession of the HOA establishment.

    I’m guessing what would happen in a “worse case scenario” like that; but the HOA’s roads [repairs too I imagine] would be Kent’s responsibility. The waterline replacement too. Perhaps the city [at home owners’ expense/lien?] would then attach water meters for all units to pay their $50-100/mo per unit water/sewer bills. I imagine the cabanna would be sold by the city as a SFH or business. The greenlands are mostly sloped and skirt water land protected areas….they’ll probably become city parks. Actually, it doesn’t sound that bad….LOL

    One unit is for sale this week and we already had a new foreclosure HUD home for sale before this fiasco. Stay tuned, this could be a big mess.

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  2. 2

    RE: softwarengineer @ 1 – Is this a condo or a neighborhood HOA? If a neighborhood HOA, what is the need for the money?

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  3. 3

    RE: Kary L. Krismer @ 2

    SFH Neighborhood, with Condo Style Group Locked Mail Boxes

    $90K to repave cracked roads, $90K to replace 2″ broken water pipes [illegally accepted by building inspector(s), they needed to be 4″] throughout, and money to replace park playground is most of the expenses.

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