The Notices of Trustee Sales jumped significantly for June of 2009. Actual foreclosures based on filings 90 days ago represent 29%, down from 31% for May. If we expect that 30% of filings turn into actual foreclosures 90 days later, we could predict that there will be about 485 actual foreclosures filed in September, which would be the highest on record. Only time will tell us if the banks are making any progress in getting through the backlog of loan modifications. Banks have informed us that it is taking 4 - 6 months to complete loan modifications.

Snohomish County Average Home Prices May 2009

Average home prices for May 2009 show trends of stabilizing home prices for Snohomish County. The last 5 months average approximately $330,000.



Homes sales continue to rise has home buyers take advantage of today's lower home prices and the $8,000 Home Buyer Tax Credit.

King County Foreclosure Rates May 2009

King County foreclosure rates ticked up to 262 homes for May 2009. Actual foreclosures take place and are recorded about 90 days after the Notice of Sale filing.

Snohomish County Homes Sales By Price Through April 2009

Snohomish County homes sales are weighted heavily in the $200k - $400k price range. The market for the over $500K home remains anemic.

This is having an effect on the average and median home price charts.

This does not necessarily mean prices are continuing to fall in Snohomish County. The charts and graphs reflect the numbers from "homes that are currently selling".

Snohomish County Average Home Prices April 2009

Snohomish County Average sales priced dipped slightly from March, but remain higher than January and February of 2009.



The total number of homes closed have steadily increased since November 2008.

King County Foreclosures Notices Drop in April 2009

Foreclosure Notices dropped for April 2009 while Trustee Deeds (actual foreclosed homes) remained steady in the low 200's.

No spike in foreclosure activity has occured in spite of media reports that foreclosure rates are on the rise. The rate has held steady since peaking in October 2008 at 294.

Distressed Properties Are Being Snatched Up in Snohomish County!

Currently distressed homes sold in Snohomish County represent 46% of all closings. This number compared with new foreclosures happening at the courthouse shows that current home sales are easily absorbing the amount foreclosed properties coming available.

Distressed properties sales represent a big chunk of the current sales because they can be purchased at very reduced prices and some are selling quickly.

January through March shows 334 foreclosures, of which 144 were snatched up at auctions or sold on the open market leaving a net of 190 homes left to sell, of which most are currently on the market either in active or pending status. This also shows that banks are not holding back on putting foreclosed properties on the market. Also, providing further evidence that banks are now looking to modify loans rather than resort to foreclosure.

The foreclosure process can add additional costs of more than 10% of the price of the home. Coupled with heavily discounting the property at auction.

Not surprisingly, a majority of foreclosures are found in out-lining areas, hardest hit by lower income home buyers. As you move closer in to Everett, Mill Creek and Bothell communities, the rates go down. The Marysville, Stanwood and Arlington areas have been hit the hardest, with south Snohomish County in Bothell and Woodinville holding up pretty well.

Areas:
610 = South Snohomish County: Bothell, Canyon Park, Woodinville
730 = Lynnwood, Edmonds, Brier, Mountlake Terrace
740 = Mukilteo, Everett, Mill Creek
750 = Sultan, Gold Bar, Index
760 = Granite Falls, Darrington
770 = Marysville, Arlington, Stanwood

April Trend

Current trends for April show dropping foreclosure rates for both King County and Snohomish County. Pending sales are up, which will show in the May statistics.

Through April 24th there are 133 foreclosures filed vs. 203 for the month of March for King County. For Snohomish County there are 76 foreclosures filed vs 106 for the month of March.

Additional evidence to this fact is that Notice of Trustee sale filings (mortgages in default) are also falling. For King County through 4/23 there are 728 filings vs. 1089 for the month of March. And Snohomish County shows 351 vs 499 for the month of March. Unless there is a huge spike in filings in the next last 4 days of the month total numbers should be down.

So far, there is no evidence to support the idea that the lifting of foreclosure moritoriums by several banks would flood the market with more foreclosures.

CURRENT INVENTORY:

New graphs for April will be posted the 1st week in May.

Snohomish County Foreclosure Rates 2009

Snohomish County Home Prices up 3.75% From January 2009

Click on picture to enlarge.

Snohomish County home prices have risen February and March after 5 straight months of decline and 22 months since prices peaked in March 2007.

Two months of data is not long enough to predict a trend - but it does tell us that home prices have stopped diving off the cliff.

There is still downward pressure on average home sale price data.

Does this mean that home prices are still falling? NO. This just means that there are more sales in the lower price ranges which drags down the average number for all.

Homes that are price right are selling in under 30 days, while those that are still overpriced languish on the market.

King County Foreclosure Rates March 2009

Click on graph to enlarge.

A curious thing happened last month. Even though Notice of Trustee Sale filings have risen, the actual homes that were foreclosed on went down.

To understand this we must look at 4 months prior, which would be November, where Notice of Trustee Sale filings dropped slightly. It is important to know that once a Notice of Trustee's Sale is filed it will take four months to turn into an actual foreclosure.

Now look at the increase of Notice filings for January, February and March. Will the increase in filings turn into foreclosures for April, May and June? We'll have to wait until May 1st to see.