{"id":11842,"date":"2010-07-22T07:00:04","date_gmt":"2010-07-22T14:00:04","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=11842"},"modified":"2010-07-22T00:13:06","modified_gmt":"2010-07-22T07:13:06","slug":"foreclosure-cure-repossession-rates-both-rising","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2010\/07\/22\/foreclosure-cure-repossession-rates-both-rising\/","title":{"rendered":"Foreclosure Cure & Repossession Rates Both Rising"},"content":{"rendered":"

A few days ago on our June foreclosure update post<\/a>, deejayoh pondered an interesting question:<\/p>\n

Looks like you can also view the “Discontinuation of Trustee Sale” filings. There were 342 in the same time period. I wonder how that “cure rate” has changed over time.<\/p><\/blockquote>\n

Since the last time we looked at King County discontinuance notices was a year ago<\/a>, I thought it might be nice to have another look. So, here’s a look at the total number of foreclosure notices, trustee deeds (i.e. – the bank repossesses the house), and discontinuance notices.<\/p>\n

\"King<\/a><\/p>\n

In order to try to get a better look at the “cure rate,” I’ve taken the number of trustee deeds and discontinuance notices for each month and expressed it as a percentage of the number of trustee sales notices sent out four months prior. I used a four-month offset because that’s how far apart last year’s peaks are on the raw notices and deeds lines above.<\/p>\n

\"King<\/a><\/p>\n

The repossession rate has been fairly steadily increasing over the last three and a half years, spending most of the last six months above 40%. Meanwhile, the “cure rate” had been falling<\/em> at a relatively regular pace until it hit a low of 17% in October. Since then it has rapidly risen<\/em> to nearly 50%.<\/p>\n

I’m not sure exactly what’s going on here, but this is definitely something we’ll keep our eye on.<\/p>\n

In somewhat related news, a few people have left comments or sent me emails regarding an article that claims that banks are withholding high-end foreclosures<\/a>. In a table at the end of the article, they claim that there are only 51 repossessed homes on the market in Seattle, and only 8 priced above $300,000. Putting aside for a moment the fact that $300,000 is hardly the threshold for “high end” in Seattle, the numbers they are claiming for Seattle in that table are just plain wrong.<\/p>\n

According to a Redfin search of “MLS-listed foreclosures” (i.e. – REO \/ bank-owned homes on the market), there are a total of 202 REO properties<\/a> currently on the MLS in Seattle proper. Of those 202 homes, 86 are priced at $300,000 or higher<\/a>. If you expand the search area to all of King County, there are 798 total and 261 over $300,000.<\/p>\n

In the six-month period between November and April, a total of 2,113 homes were transferred with trustee deeds in King County. An on-market inventory of 798 represents roughly 38% of the total number of repossessions. That seems a bit low to me, as I doubt the banks have successfully resold over 60% of the homes they have repossessed over that period. However, it doesn’t really seem to add up to the conspiracy the author of that piece seems to be describing.<\/p>\n","protected":false},"excerpt":{"rendered":"

A few days ago on our June foreclosure update post, deejayoh pondered an interesting question: Looks like you can also view the “Discontinuation of Trustee Sale” filings. There were 342 in the same time period. I wonder how that “cure rate” has changed over time. Since the last time we looked at King County discontinuance…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8,616],"tags":[691,7,58,419],"coauthors":[],"class_list":["post-11842","post","type-post","status-publish","format-standard","hentry","category-stats","category-counties","tag-cure-rate","tag-foreclosures","tag-king_county","tag-notice-of-trustee-sale"],"yoast_head":"\nForeclosure Cure & Repossession Rates Both Rising \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2010\/07\/22\/foreclosure-cure-repossession-rates-both-rising\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Foreclosure Cure & Repossession Rates Both Rising \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"A few days ago on our June foreclosure update post, deejayoh pondered an interesting question: Looks like you can also view the “Discontinuation of Trustee Sale” filings. 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