The Price of Panic: Foreclosures in 1878 Seattle
A wave of Sheriff’s sales, spurred by defaulted debt and legal judgments, reveals the precarious financial reality of Seattle property owners during the late 1870s.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
By virtue of an order of sale issued out of the District Court, I have levied upon the property described in said decree to satisfy the following judgments: In case No. 364, the sum of $3,577.86 due with interest at one and one-half per cent per month, together with the sum of three per cent on amount recovered as attorney’s fees for plaintiffs. I have levied upon the property known as Lot 2, Block 24, in that part of the City of Seattle laid out and platted by A. Denny, and known as A. A. Denny’s Addition. And now, by virtue of said decree, on Monday, the 6th day of May, 1878, at the hour of 10 A.M., in front of the Courthouse door in said City of Seattle, I will sell to the highest bidder for cash, gold coin, all the right, title, interest, and equity of redemption of said defendants.
“I will sell to the highest bidder for cash, gold coin, all the right, title, interest, and equity of redemption.”
In 1878, Seattle property owners faced ruthless foreclosure proceedings often settled in 'gold coin' for missed payments and high-interest debt. Today, while the currency and legal mechanisms have evolved, the anxiety of losing one's home to the aggressive mechanics of debt and foreclosure remains a central, unresolved struggle in Seattle's housing market.
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