A quick disclaimer to consider when looking at these figures – March was a freakishly long month, coming in at 23 business days. The average is about 21 days, and February was 19 days.
March NODs totaled 998, up from February’s 931, and second only to the record 1068 NODs recorded in August 2009. NOSs when berserk, totaling 794, up from 406 in February and setting a new monthly record. TDs increased significantly to 284, from February’s 180.
The graph full size with all the data is here.[April 7, 2010 update – click on the chart below to see the NOD/NOS/Trustee sales chart from Ticor Title]
It’s getting busy on the courthouse steps buying at Trustee’s Sales. NRES / Page is being joined by Greenstreet (10), Mayfair (5), ROI (4), and Fortis (3). Interestingly enough, the long time Investor’s Club members that I’ve previously profiled (Arif, Pettie, McAllester, Flower) are being pretty quiet right now. Wood is Good bought at GSR unit for $11K if I remember correctly, but otherwise have been pretty quite. there are still some deals to be had – NRES bought 33-171-02 today for $36,600 on a property with $258,977 debt.
The story on the courthouse steps is really what is NOT selling there, even with the 63% m/m increase. inclinejj told me that one week last month, of the 126 properties he was tracking, only 4 went TD. The rest were withdrawn or postponed. Where are they going? (rhetorical question)
Something else I’m seeing is driving me to distraction. First wave investors that are being foreclosed on are purchasing NEW properties at Trustee’s Sales. I know of one investor who lost a property on a TD, and the same week purchased 2 properties for cash at the courthouse, and has just purchased another. There is probably a lot more of this going on that I don’t see, but name recognition comes with perils. This is just wrong.