This graph shows the continuous flow of foreclosure activity in Clark County Washington for the last two and three quarters years.
The foreclosure activity was in the 75 to 100 per month range in the beginning of 2005. Then it dropped to around 50 to 60 per month in the fourth quarter of 2005 and the first quarter of 2006. After that began the continual increase to the beginning of 2008 when it leveled off.
As noted in the last posting here (which showed only 2008 numbers) the foreclosure activity was very stable for the first two quarter of 2008. It was running at an average of 3,000 filings per year. But, as you can see it became irradic during the third quarter of the year.
Also, as you read this chart, you should keep in mind that the notice of trustees sale doesn’t get filed until the loan has become delinquent and been delinquent for a time. So, these statistics always FOLLOW the problems with the loans they represent. That would mean that the erratic behavior of the summer of 2008 was indicative of the performance of the market in the spring of 2008.
What is your prediction of the statistics for the winter of 2008 to the spring of 2009???? I say that the numbers will be higher in the fourth quarter of this year than they are now, then will level off (if not drop a bit) in the late winter and spring of 2009. This would be because the Fed has taken a lot of us taxpayers money and promised to use it prudently to save our sorry selves. And, when have you ever known the Fed to not act prudently with our money??????
Pacific West Appraisal Services, Inc.
pwas.net