Foreclosures Edged Up In July

Foreclosures Edged Up In July

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:

July 2014
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

County Latest YOY ’00-’07 Max
King 20.8 -16% 13.4 73.4
Snohomish 7.9 -38% 7.0 37.1
Pierce 19.2 -1% 11.2 47.7

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.

  

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.

One comment:

  1. 1

    Month to Month Trending is Usually Irrelevent

    But what I and other Bubbleheads wonder about is the real “bank” inventory of these type of homes that’s possibly cumulated over the years too but not listed.

    I know foreclosures make up a small percentage of all homes, so what. The homes available for sale at anytime is a small percentage too. I’ve watched a “bank owned” home in my neighborhood just sit there unlisted for a couple years….looks like they’re finally repairing it for listing. Is this snapshot in time irrelevent? Its just as irrelevent as saying foreclosed homes that sit unlisted forever don’t matter.

    Rate this comment: Thumb up 2

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