The numbers of NODs, NOSs, and TDs continued their downward trend in November. NODs were at 658, down from 765 in October, 930 in September, and 1068 in August. NOSs were at 316, down from 469 in October, 659 in September, and 757 in August. TDs. TDs were at 222, down from 319 in October (almost 1/3), 300 in September, and 329 in August. The chart is here for the visual.
The declines have been dramatic and across the board, yet I get the uneasy feeling the trend isn’t real. Are the loan modifications really happening? Any readers have stories about going through a mod?
Guy’s last posting referred to the national average of one in four mortgages being under water. The RGJ published a more regional data set showing one in two mortgages being under water in Washoe County. If you drill down more locally, I think you will find that there are neighborhoods that are virtually 100% under water - think all of Somersett, Silver Creek, Silver Shores and Woodland Village up north. Most of Kiley and Wingfield. The majority of the South Meadows. Every neighborhood developed and sold from 2003 on has every resident owing more on their mortgage than they could sell their house for today, unless they went in at least 40% down. With entire neighborhoods underwater, I just can’t reconcile the declining foreclosure data with the time bomb I know is still lurking out there.
Hey, I’m not all gloom and doom. Meet Dyson, the newest addition to the GreenNV family. Wish me luck!
4 comments
Wow, he’s a beauty. I love Berner’s. Good luck and I hope he stays healthy.
Heavens to mergatroids, the Bear’s got a soft spot….and it’s puppies
Mike, I have to agree with you on the ticking time bomb. I have talked to some people trying to get a loan modification. They apparently can afford to make their current payments, so the bank won’t budge. Maybe you have to walk first, before the bank takes you seriously.
I think the decline is because of the Nevada law requiring banks to negotiate, therefore extending by a few months the inevitable NOD.
Also, coming soon, are the resets for Opt Arms - this should put some heat on the banks.
The big problems with the loan modifications are people who took out loans from 2004-2008 mainy used low doc, no doc, or stated income and can not qualify for the new payment using tax returns bank statements etc..
In other words people don’t qualify for the loan modifications..
Plus I am seeing many many foreclosures get an automatic one month change in the date. Why? Well some lenders have a policy never to foreclose between Thanksgiving and New Years.