We skipped the usual preview of foreclosure activity this month, but now it’s time for the detailed look at February’s stats on foreclosures in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
February 2013
King: 839 NTS, up 85% YOY
Snohomish: 461 NTS, up 87% YOY
Pierce: 574 NTS, up 101% YOY
All three counties still far higher than they were a year ago, but month-over-month foreclosures in all three counties dropped off: King was down 21%, Snohomish fell 19%, and Pierce decreased 21%.
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 1,003 households, Snohomish County had 1 NTS per 601 households, and Pierce had 1 NTS for every 567 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for February of one foreclosure for every 656 housing units was 5th 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.