Below please find the Washoe County Notices of Default, Notices of Sale, Trustees Deed Filings and New SFR REO Listings Statistics for January 2013 from our friends at Ticor Title of Nevada, Inc.
Commentary accompanying the statistics…
Notice of Default (NOD) filings stayed steady compared to December. The Notice of Sales and Trustees Deeds decreased a bit which was predicted in previous commentaries. With the steady Notice of Default filings, it is hoped by many, that the Homeowners who are facing foreclosure take advantage of the short sale option especially since the Mortgage Debt Forgiveness Act got extended one more year. The new single family residential REO (Bank Owned) listings decreased slightly since December.
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 1st and 2nd Quarter. According to some numbers provided, new listings on MLS have increased, but not enough for buyer demand. The biggest concern within the real estate industry is the increase in sales prices and a BUBBLE occurring once again. It is hoped that the Banks who are holding assets will release a healthy amount of inventory, at an affordable price, to assist in our backlog of buyers waiting.