Lending institutions are required by law to file a NOTICE OF TRUSTEE SALE with the recorder at the county auditor’s office when the lending institution has decided to auction the property. 

In Pierce County, the monthly average for filings in 2011 decreased by 37% to 439 per month following a significant decrease in filings during the last quarter of the year when compared to 2010.  Notice of Trustee Sale filings had been increasing since 2007 to a monthly average of 700 in 2010.   

In January 2012, there were 282 Notices of Trustee Sales filed in Pierce County,  an increase of 54 filings (+24%) from the previous month, but down nearly 50% (-263) from the year before.  This is continuing the downward trend in trustee sales in the county, and was comparable to what we saw prior to the subprime mortgage crisis in early 2007.  This has been characterized as there being no more leaves to shake off the tree. 

Trustee sales filings for the fourth quarter of 2011 averaged 227 per month compared to 400 per month during the previous quarter and compared to a significantly higher 2010 fourth quarter average of 601.