Below are Washoe County’s Foreclosure Statistics through the month of March. (click on the graphic to enlarge). These statistics are provided to us by our friends at Ticor Title.
It is no news that the number of Notices of Default fell off a cliff after October 1st of last year. That has now resulted in a significant reduction in the Notices of Sale (NOS). March NOSs are down 16 percent from February’s number; and are down 36 percent from January’s number.
Commentary accompanying the report…
Notice of Default (NOD) filings increased slightly from February and of course the numbers are still affected by the New Law (AB284) that was effective October 1, 2011. There were some Bank Notices of Default filings but most of the Notice of Defaults were again 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 March by 43 and may continue to decrease even more in months ahead. Trustee Deeds decreased by 92 from February and the decrease could be contributed AB284 and the Banks working with homeowners in regards to short sales. Based on the NOD & NOS filings, Trustee Deeds will continue to dwindle in future months. The new single family residential REO (Bank Owned) listings increased slightly from February but it is evident when you look at the past Trustees Deed numbers that there is a shadow inventory (Bank Owned Properties not yet listed) lurking. As mentioned before, inventory in Nevada is down considerably and the real estate community is very concerned about the lack of inventory available in future months for the potential buyer. We hope that the Banks will release more inventory and the seller’s who are on the fence, take this opportunity and put their homes on the market.