– January NOD/NOS/TD Figures – NODs totaled 778, up from 763 in December, basically pretty steady for the last 4 months. NOSs totaled 394, up from 366 in December, but again, generally even with the last four month average. TDs fell to 190 from 221 in December, the lowest total we’ve seen since April 2008. I’ll resume my graph next month (note to self – free trials of Office 2007 will erase your old programs).
– The first 3 days of February are off to a blazing start, with 182 NODs, 75 NOSs, and 25 TDs filed. A large number of the NODs are from missed payments over a year ago. There seems to be a pretty direct relationship between the amount owed and how long the lenders are waiting to foreclose (though BK filings by the wealthier contribute to this).
– The amount owing on the NODs is trending up rather dramatically. Of the 54 NODs filed today, 6 were for over $1,000,000 (3 in IV, 2 ArrowCreekish, and 1 Caughlin). Another 8 or so were in excess of $500,000.
– Dine and Dash – No one really knows how many people are purchasing a new, cheaper home before defaulting on their underwater residences, but I can assure you that from my research that these are not isolated occurrences anymore. Most of the cases I have run into to have been average Joe’s who wouldn’t generally have the real estate savvy to execute these deals. I believe they are being "coached".
– TD to TD – There are people losing properties at Trustee’s Sales that are turning around and BUYING properties on the courthouse steps for cash, sometimes within a week or two. This is not wide spread yet, but is raising my blood pressure to apoplectic levels. The lenders need to get off their boney asses, do some due diligence, and start setting some very public examples that fraud is not acceptable. Give me deficiency judgments! Give me public humiliation, flogging on Victorian Square, the Scarlett R. 100%, each, every, ALL of the cases I have found of people losing properties then turning around and paying CASH for Trustee’s Deeds are all in the industry. That’s RE brokers, agents, bankers, developers, title and mortgage folks.
I’m just not in an "up" mood for Reno tonight.