The number of NODs filed in Washoe County in October rebounded from September’s steep drop. Though not quite as high as August’s 207 NOD filings, October’s 175 NOD filings is the 2nd-highest number observed in thirteen months.
We thank our friends at Ticor Title for providing the data and commentary below. Click on the chart to enlarge…
Commentary from October’s report:
Notice of Default (NOD) filings are increasing, although September dipped a little, October NOD’s doubled from Septembers number. As predicted, the slow of Notice of Defaults from October 2011 to present have slowed the Notice of Sales (NOS) and Trustees Deeds. The Notice of Sales and Trustees Deeds increased a bit, so hopefully Homeowners that are in the foreclosure process are taking advantage of the short sale option. The new single family residential REO (Bank Owned) listings increased slightly from September. As mentioned in prior comments, inventory in Nevada is down considerably and the real estate community is concerned about the lack of inventory available in the 4th and 1st Quarter. According to some numbers provided to me, new listings on MLS have decreased again, and the concern about the 4th quarter is becoming a reality.