The Nevada Association of REALTORS®, in conjunction with the local associations, has launched a website to assist Nevadans who are facing foreclosure issues. www.ForeclosureHelpForNevadans.org provides helpful information and resources for those who have questions regarding foreclosure.
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Sean
Whats the record for Notice of Defaults in Washoe County in a month. I see we are at 967 with a day+ left. We have to be close to a record. This doesnt bode well for all those bottom callers!!
billddrummer
According to the Ticor chart here, these are the records so far:
NODs–1067 August 2009
NOSs– 757 August 2009
Trustees Deeds–410 July 2009
Doesn’t look like we’ll get close to the record for NODs or TDs, but there’s an excellent chance the Notice of Sale count will hit a record this month.
The last time the NOS number was super high, many people (me included) expected trustees’ deeds to spike about 40 days later. Well, that didn’t happen. As it turned out, many of the NOS filings were from HOAs that weren’t interested in stepping up to pay off a mortgage, but wanted a position in the property because of delinquent assessments.
The same thing may be happening here, but it seems to me that many more of these filings are lenders than the last time.
If anyone has any insight, it’s welcomed.
Sully
So far, the highest month was Aug 09 at 1067. Also, we now are one day away from ending the Feds program of buying MBS as it ends this month. A $500 Billion program that morphed to 1.25 Trillion is now ending.
So one has to wonder what new controversial program Congress will come up with to take our minds off the unemployment – foreclosure – bankruptcy problem. It’s highly unlikely they will be
able to continue extending unemployment as there is too much opposition and I think that people are still more than just a little fumed over the multi-million dollar bonuses on Wall Street.
Like Nero fiddling while Rome burned, Congress and the current administration appears to want to throw money at the problem and hope it goes away on its own.
So, maybe the next new important piece of legislation that could fill up the next few months would be mandatory child care reform. Since no one is working anymore, that should be an easy one for Congress. 🙂
DonC
Sully says “Since no one is working anymore, that should be an easy one for Congress”
From reports, and my own personal experience, the unemployed underachievers who are no longer working are spending their free time at Tea Parties complaining about government handouts.
In any event, you’re right that the next month or so will be interesting. The end of the Federal Reserve program seems less important to me than the end of the tax credits, mostly because you have to assume that the Fed would not be ending the program unless it believed it wasn’t needed. Plus the Fed can restart the program if it deems that necessary. The tax credits on the other hand may have pushed sales forward.
The sad fact is that, like wars, market interventions are easier to get into than to get out of. The exit strategies for housing is going to be considerably more tricky than the exit from the banking bailout.
Reno Ignoramus
The number of NODs for this month will top out in excess of a 1000. Not a record, but close. In the coming months, about 250 of them will be cancelled. About 500 will vanish into thin air, never to be heard from again.
The month’s TDs will come in around 300, continuing the almost 2 year trend now of TDs being about 30% of NODs.
GreenNV
Thanks, guys! Should I even bother to post the month end statistics tomorrow?
If you missed it, LikeBigBottoms posted a great link to the Irvine Housing Blog about BofA’s plans to increase their foreclosure activity from 7500 to 45,000 a month by year end. http://www.irvinehousingblog.com/blog/comments/bank-of-america-to-increase-foreclosure-rate-by-600-in-2010/?source=patrick.net That’s the really big story, and if you read the comment string, it will only clear about half of the defaults on BofA’s books.
IHB is always a good read, and we cover many of the same topics. Irvine always seems to be about 6 months behind Reno on their foreclosure trends, but they are SHOCKED when I have posted and compared their market to Reno. lol. Like on RRB, the frequent commentators have their unique personalities and posting histories.