Below are Washoe County’s Foreclosure Statistics for January 2012 provided by our friends at Ticor Title. Ticor has also provided explanatory commentary below. Of note is the comment, “Our industry definitely needs more inventory to sustain the buyer demand.”
Commentary: Notice of Default (NOD) filings increased a bit but are still affected by the New Law (AB284) that was effective October 1, 2011. The Notice of Defaults are primarily private beneficiary and local banks/credit unions. As predicted, the slow of Notice of Defaults are also affecting the Notice of Sales (NOS) which decreased in January and may continue to decrease for months ahead. Trustee Deeds slightly increased, but remember these are probably properties that have had a postponed sale or could be affected by foreclosure mediation and are now either bank owned or were purchased by investors. Based on the NOD & NOS filings, Trustee Deeds will continue to dwindle in future months. The new single family residential REO (Bank Owned) listings decreased in January and we are hoping this is not a trend. Our industry definitely needs more inventory to sustain the buyer demand.