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Foreclosure Notices Around Seattle Flat in March

Posted on April 11, 2013 by The Tim

It’s time for our detailed look at March’s foreclosure stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:

March 2013
King: 795 NTS, up 33% YOY
Snohomish: 462 NTS, up 32% YOY
Pierce: 605 NTS, up 57% YOY

All three counties still above their levels from a year ago, although the difference is rapidly shrinking. Month-over-month was a mixed bag: King was down 5%, Snohomish was flat, and Pierce increased 5%.

Here’s your interactive Tableau dashboard updated with the latest foreclosure data:

Powered by Tableau

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 1,060 households, Snohomish County had 1 NTS per 600 households, and Pierce had 1 NTS for every 538 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for February of one foreclosure for every 687 housing units was 9th 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:

Powered by Tableau

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.

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Next Post:
March Stats Preview: Fewer Foreclosure Notices Edition
Previous Post:
Foreclosures Benefit a Neighborhood, Not Hurt It

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