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Seattle Bubble Forum Archive • View topic - July Foreclosures
Page 1 of 1

July Foreclosures

PostPosted: Fri Aug 01, 2008 10:07 pm
by Alan
7/1/2007 - 7/31/2007: 299
7/1/2008 - 7/31/2008: 728

O. M. G.!!!

143% increase.

This is a very high water mark.
June 2008 was 576.
May 2008 was the last high water mark at 591.

Re: July Foreclosures

PostPosted: Tue Aug 05, 2008 7:32 am
by Big Mike 34

Re: July Foreclosures

PostPosted: Thu Aug 07, 2008 8:36 am
by Robroy
IIRC, 2007 was way up from 2006.

Re: July Foreclosures

PostPosted: Thu Aug 07, 2008 9:38 am
by Alan
7/1/2006-7/31/2006: 264

But prices were rising then. It was easy to avoid foreclosure proceedings (either by refinancing and using equity gain to pay your mortgage or by selling).

Re: July Foreclosures

PostPosted: Thu Aug 07, 2008 2:30 pm
by Robroy

Re: July Foreclosures

PostPosted: Thu Aug 07, 2008 4:24 pm
by Alan
The percent increases are so dramatic for that reason, but these are the highest foreclosure rates I've seen in the time periods for which I done searches. I would guess that goes back around ten years.

Re: July Foreclosures

PostPosted: Fri Aug 08, 2008 10:04 am
by Robroy

Re: July Foreclosures

PostPosted: Fri Aug 08, 2008 8:08 pm
by jillayne
Ha. Of course it's going to get much worse! But we've been saying this for many months now.

Here's some street talk for you to back up my claim that it's going to CONTINUE to get worse ("it" being foreclosures)

Realtors in my classes are reporting more and more short sales in the mix of existing inventory.

Loan originators are reporting that they have borrowers who want/need to refinance out of an ARM but simply cannot qualify under the new, tighter underwriting guidelines.

Admittedly I'm only one person and this is a narrow slice of view, however, I interact with hundreds of Realtors and LOs every month in King/Sno/Pierce counties.

Agents who use to carry four to six listings at a time are telling me that nothing is selling and they have literally NO buyers to work with......medium to top-level producers are worried.

Re: July Foreclosures

PostPosted: Sat Aug 09, 2008 12:34 pm
by Robroy

Re: July Foreclosures

PostPosted: Mon Aug 11, 2008 8:32 pm
by jillayne
Hey Alan, I needed foreclosure stats for July for my class tomorrow and you were the first person I thought of.

Thanks for running the numbers each month.

Re: July Foreclosures

PostPosted: Tue Aug 12, 2008 11:02 am
by Alan
My pleasure, Jillayne.

Just remember that these are estimates. Not all of them are foreclosures (although I think the vast majority of them are). WA has judicial and non-judicial foreclosures. I think the NTS are non-judicial -- they are the easier kind that don't require court hearings. There is another document for judicial foreclosures and I'm not counting those.

If I remember correctly, the non-judicial foreclosures are non-recourse foreclosures. The judicial foreclosures are recourse, but there are some pretty strong protections for the forclosee to redeem the property.

I'm not sure I right about all of that though and I may be getting the two types confused.

Re: July Foreclosures

PostPosted: Tue Aug 12, 2008 6:40 pm
by jillayne
Hey Alan, thanks. I figured as much. The judicial foreclosures, I would imagine, are a small number compared to the NTS.

If we're counting/comparing NTS numbers, then yes, these are only estimates as not all NTS' go all the way to auction.

It's still a huge increase.

Re: July Foreclosures

PostPosted: Wed Aug 13, 2008 11:12 am
by Alan
I like to think of it as a metric of people in fiancial distress.