Foreclosures Up Slightly September to October

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

October 2014
King: 389 NTS, down 25% YOY
Snohomish: 216 NTS, down 32% YOY
Pierce: 343 NTS, down 26% YOY

The number of trustee sale notices was down yet again from a year earlier, despite inching up slightly from last month, even after adjusting for business days.

Notices of Trustee Sale: Daily Rate

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 17.7 -25% 13.4 73.4
Snohomish 9.6 -32% 7.0 37.1
Pierce 15.6 -26% 11.2 47.7

All three counties are still down double digits 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 2,148 households, Snohomish County had 1 NTS per 1,289 households, and Pierce had 1 NTS for every 923 households (higher is better).

According to foreclosure tracking company RealtyTrac, Washington’s statewide foreclosure rate for May of one foreclosure for every 1,131 housing units was 14th 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.

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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.

3 comments:

  1. 1

    I’m Not Entirely Sure What This Means

    Maybe Kary can help.

    Is the judicial process for the MASSIVE fore-closures quagmire in more administrative delays, like Florida’s seven year delay?

  2. 2

    RE: softwarengineer @ 1 – I’m not sure what you mean, nor do I know about other states, but I would imagine that in states where judicial foreclosure is required that the increase in foreclosures probably did impact the court systems, and in a state like Florida which was hit hard, it probably overwhelmed the court system. And given that financial problems also lead to divorces, that was probably a double whammy on the Florida court system.

    When I started practicing law, it took about 3 years to get a trial date in King County Superior Court. The last I heard I think it was just over a year.

  3. 3
    Corndogs says:

    Where’s that shadow inventory boys? HaHaHa!!!!!

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