February Foreclosures

[Alan]

It has been a week so comparing this year to last year evens out for the variances of submissions throughout the week.

As always, this is for King County gathered from http://www.metrokc.gov/recelec/records/.

2/1/7-2/7/7: 48 Notices of Trustee Sales.
2/1/8 - 2/7/8: 91 NTS

For a 89.5% increase for the first week of February.

[Alan]

Week 2:

2/1/2007 - 2/14/2007: 98
2/1/2008 - 2/14/2008: 195

99% increase.

By the way, if you want these numbers to be more sobering, rent tonight.

[jillayne]

Hi Alan,

When I taught the title insurance class at Bellevue CC, I would assign the movie "House of Sand and Fog" as extra credit. The assignment was to create a list of all the possible title insurance problems portrayed in the movie.

I also assign this movie when ANY student asks about getting rich quick by bidding on tax foreclosure sales.

A brilliantly acted film by the same guy that did "Cold Mountain." I can never remember his name. Anthony something.

[Alan]

It has been three full weeks in February. I'm posting this a little early. It is likely that not all of today's NTS are in the system yet.

2/1/07 - 2/21/07 = 152
2/1/08 - 2/21/08 = 301

98% increase.

(I may update the numbers this evening if they change much).

[Ubersalad]

I watched that movie and forgot about it.

[jillayne]

For some reason I am getting a free "Everett Herald" thrown on my porch each morning this week. I opened it up at dinner and saw that it was Wednesday's edition. Oh well, I thought. Guess what I found? A TON of "notice of defaults" published in the public notices section.

I can't remember where I heard this, must have been in the classroom, that Pierce County is having problems right now with foreclosures, too.

It would be great to get Sno and Pierce stats along with King.

[Alan]

Pierce County is down for maintenance right now:
http://hartweb.co.pierce.wa.us/

Snohomish County:
http://www1.co.snohomish.wa.us/County_S ... efault.htm

2/1/2007 - 2/21/2007: 92
2/1/2008 - 2/21/2007: 141
53% increase

[Alan]

It looks like Pierce county does not put their "Notice of Foreclosures" in the web searchable database.

Fascinating that they have Notice of Foreclosure and not Notice of Trustee Sale.

[Alan]

Final count for King County:

2/1/2007 - 2/28/2007: 221
2/1/2008 - 2/29/2008: 451

For a total YOY percent increase of 104%.

There were more than double the number of King County foreclosures in February 2008 than there were in February 2007.

March 2007 had 385 notice of trustee sales.

Any guesses on March 2008? Will we see the same percent increase with more than 770 foreclosure notices next month?

[jillayne]

I predict higher. I will go ahead and guess that March foreclosure notices post at just under 1000 for King Co.

[jillayne]

BTW, I am teaching a class next week on Foreclosures for Realtor and Mtg Broker continuing ed credits. I will have to report back to you how that goes.

[Nell Plotts]

Have you read the blog of the VA Realtor discussing short sales and foreclosures?

http://blog.franklyrealty.com/2008/02/v ... atrick.net