Trustee’s Deeds for October totaled 278, down about 5% from 291 in September. Notices of Sale totaled 374, about 6.5% down from 398 in September. This may be the start of a trend, or just reflect that the Recorder’s office was closed for Nevada Day on the 31st, normally the top day for filing. Notices of Default skyrocketed to 752 from 587 in September, a 28% increase. My gut feeling is that "net" NODs will be about equal to last month’s 422, and that the increase in gross filings was fueled by a huge increase in filings by HOAs. A NOD filed by a HOA virtually never leads to a sale, but it is a strong arm tactic they use to collect back assessments when simple liens haven’t worked (and a sign that the HOAs are getting desperate for cash).
Mitch Argon has just updated his list of REOs listed on the MSL. By my count, they represented 769 of the 4172 listings on the MLS on 1 November, or 18.4% (16.9% of Reno listings, 23.1% of Sparks listings). Only 24 of the 405 listed in the Tahoe Area were REOs. That could be changing – 2 Incline Village properties were recorded as TDs yesterday (947 Tyner and 954 Garen) and 827 Robin #5 received a NOS.
The Center For Regional Studies finally updated their site with August and September figures, as well as Q3 summaries. 37.7% of all September resales (154 of 408) were REOs.
The Listing Agent Freudian Slip of the Week Award goes to 1412 9th Street in Reno. Way to go, Patricia!
KB
“Notices of Sale totaled 374, about 6.5% down from 374 in August.”
Am I reading the numbers correctly?
Mike McGonagle
Thanks for the heads-up, KB. My corrections are in bold.
NAS
https://renorealtyblog.wpengine.com/searchmls
This seller has already been pummeled, but the listing agent should get a runner’s up award. Read the last line.
NAS
ARGH! hate it when that happens. Listing on Tom Kite.
Josh
Two words
Rip Off.
May have been 1M, but it still looks like a stucco yucko classic to me!
Inclinejj
Some HOA’s will foreclose out a lien but others just post it and record the lien on the property knowing they will get the money some day
Blaming the numbevr of defaults going up on the HOA defaults is about as insane as blaming it on the 2nds foreclosing and 2 foreclosures being recorded on the same property..
2nd’s have been walking away and not bothering since 2005
Inclinejj
I apologize to the realtors on here..but everything that comes from your local board up to the NAR is pure BS..
Sully
Incline, what he meant was the “gross” number of filings were up, but figured the “net” would be same as last month. As frequently there are more than one notice filed for same property.
Inclinejj
Trustee Sales are probably going to go down a bit..take a look at all teh Countrywide Notice Of Trustee Sales that got taken off the schedule
Based on what I am hearing the Countrywide aka BofA modifications only benefit the bank..
This will prolong the decline being most of these houses will go right back into default
Mike McGonagle
Trustee’s Sales have been holding at about 280 or so a month for the last 4 months. November is off on a pace that looks like it will maintain this level of foreclosure. I keep waiting for the modifications to set in and certainly expected them in October, but just don’t see them yet.
Gross vs. net NODs were within 2% in January 2007, when I started tracking the figure. It is now over 28% and looks like it will be going WAY higher this month. It is absolutely the HOA filings making the difference (2nds are SO 2007). They are out of funds to provide the amenities they have promised the owners, the lien strategy hasn’t worked, and so they are going the NOD/NOS/TD route to get the back dues. It is only a desperation move, won’t really effect anything (they get paid off at foreclosure anyway)
The HOAs are in first position on foreclosures. I wonder if their actions will effect the bail out efforts?