It’s time for our detailed look at June’s foreclosure stats in King, Snohomish, and Pierce counties. First up, the Notice of Trustee Sale summary:
June 2013
King: 584 NTS, down 9% YOY
Snohomish: 349 NTS, down 10% YOY
Pierce: 506 NTS, up 24% YOY
Just as predicted, we’ve started to flip to year-over-year declines. This is the first time that the numbers have come in below a year earlier in King and Snohomish counties in a year. Pierce will probably flip to slightly negative year-over-year in July, definitely by August.
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 1,417 households, Snohomish County had 1 NTS per 789 households, and Pierce had 1 NTS for every 620 households (higher is better).
According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for May of one foreclosure for every 892 housing units was 13th 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.