It’s a bit past time for our detailed look at July foreclosure stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
King: 458 NTS, down 16% YOY
Snohomish: 174 NTS, down 38% YOY
Pierce: 423 NTS, down 1% YOY
The number of trustee sale notices continues 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 up month-over-month just slightly in Pierce County, but down in King and Snohomish.
Here’s how the latest month’s weekday rate of foreclosures in each county compares to the 2000-2007 average and the highest level that was reached during the housing bust.
Daily Rate of Foreclosures
All three counties saw foreclosures bump up a bit in July, but all three are still below last year’s levels. That second part is only barely true in Pierce County.
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 1,821 households, Snohomish County had 1 NTS per 1,597 households, and Pierce had 1 NTS for every 747 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for May of one foreclosure for every 1,436 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.