Time for our February update on Foreclosure activity in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
King: 838 NTS, up 99% YOY
Snohomish: 414 NTS, up 100% YOY
Pierce: 663 NTS, up 59% YOY
Here’s a simple look at how February’s foreclosures compare to the same month last year in each of the three counties:
Next let’s look at the percentage of households that received a Notice of Trustee Sale (based on household data for each county from the American Community Survey, assuming linear household growth between surveys):
King County came in at 1 NTS per 933 households, Snohomish County had 1 NTS per 633 households, and Pierce had 1 NTS for every 446 households. February’s level was second only to the all-time highs set in January in all three counties.
For comparison, the latest data from RealtyTrac—whose definition of foreclosure includes Notice of Default, Auction, Notice of Trustee Sale, and Real Estate Owned—shows King County with 1 foreclosure for every 841 housing units, Snohomish at 1 foreclosure for every 576 housing units, and Pierce with 1 foreclosure for every 453 housing units. According to RealtyTrac’s full rankings for February, Washington’s statewide foreclosure rate was the 25th highest in the nation.
Following are charts of King, Pierce, and Snohomish County foreclosures from January 2000 through February 2009, with uniform y-axis scales to provide easier comparison. Click below to continue…
Foreclosures backed off their highs ever so slightly in King County, even as median price drops posted new lows.
Same story in Snohomish County, except that the median price actually ticked up slightly while the foreclosure notices dropped.
Pierce County saw the smallest year-over-year increase in foreclosures, but is already well ahead of King and Snohomish in terms of the percentage of households in foreclosure.
Seattle P-I: More owners losing homes
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, refer to this post.
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.