Time for our May update on Foreclosure activity in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
May 2009
King: 992 NTS, up 69% YOY
Snohomish: 511 NTS, up 72% YOY
Pierce: 726 NTS, up 43% YOY
Here’s a simple look at how May’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 791 households, Snohomish County had 1 NTS per 514 households, and Pierce had 1 NTS for every 409 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate of one foreclosure for every 716 households was 18th worst among the 50 states and the District of Columbia (up from 27th last month). However, this was still better than the national average of 398 households per foreclosure. Note that RealtyTrac’s definition of “in foreclosure” is much broader than what we are using.
Following are charts of King, Pierce, and Snohomish County foreclosures from January 2000 through May 2009, with uniform y-axis scales to provide easier comparison. Click below to continue…
The number of King County homes in foreclosure bumped back up again in May, although did not quite surpass the record set in March.
Snohomish County also bumped back up, but they did set a new record.
Same story in Pierce County.
The increases in all three counties seem to be tapering off just a tad, with year-over-year rates dropping back down out of the triple digits, but still above 60% in King and Snohomish, and 40% in Pierce.
Coverage elsewhere:
Seattle P-I: Seattle housing market no longer so special
Seattle Times / AP: Foreclosure filings rise 18% in May, but annual pace eases; Washington state ranks 18th in nation
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 the final chart in 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.