Foreclosures Dipped Again in September

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

September 2014
King: 317 NTS, down 44% YOY
Snohomish: 182 NTS, down 41% YOY
Pierce: 301 NTS, down 29% YOY

As usual, the number of trustee sale notices was down from last year. After adjusting for non-holiday weekdays, weekday rate of foreclosures per business day was also down in all three counties.

Here’s how the latest month’s weekday rate of foreclosures in each county compares to the 2000-2007 average and the highest level that was reached during the housing bust.

Daily Rate of Foreclosures

County Latest YOY ’00-’07 Max
King 15.1 -47% 13.4 73.4
Snohomish 8.7 -44% 7.0 37.1
Pierce 14.3 -33% 11.2 47.7

All three counties continue to fall dramatically from last year’s levels.

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 2,634 households, Snohomish County had 1 NTS per 1,529 households, and Pierce had 1 NTS for every 1,051 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for May of one foreclosure for every 513 housing units was 18th 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.

0.00 avg. rating (0% score) - 0 votes

About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.