This morning I received Ticor Title’s latest foreclosure-related recording statistics for Washoe County. Because Mike McGonagle typically posts these same statistics on the 1st of each month, I have not posted Ticor’s stats for some time so as not to duplicate post.
However, the chart I received from Ticor today contains a new metric – namely new REO listings from our MLS. Additionally, historical monthly data for three years prior is also included for this new metric. This data in conjunction with the Trustees Deed filings may provide us some insight on how many properties have gone back to the bank and how many are being placed back on the market.
For example, May 2011’s 230 REO listings represents a 10 percent increase over April’s 209 REO listings; and a 28 percent increase over May 2010’s 179 REO listings.
The graph clearly shows the number of REO listings trending up. For the 12 months preceding May 2011 the number of new REO listings has averaged about 179/month.
May’s 230 REO listings also represent a level not reached since March 2009.
On another note, the chart also shows Notices of Default have been trending downward and are now at a three-year low. As Mike pointed out in his recent post, "This is the lowest number of NOD filings since 404 in January 2008. [Additionally] This was the 4th month in a row where NOSs surpassed NODs." These trends are encouraging signs for flushing out the REO inventories.
Click on the chart to enlarge.