March Foreclosures

General by Mike McGonagle

March is a LONG month with 23 business days this year.  Keep in mind when evaluating these statistics that February had only 19 business days and January had 22, so March was about 20% longer than February.

March NODs totaled 544, up from 470 in February but down from 574 in January.  NOSs rose to 611, up from 561 in February and 567 in January.  TDs soared to 390 (sorry, 690 was a typo), up from 243 in February and 290 in January.  July 2009 with 409 TDs is the only month in history to top March’s TD totals.  Click here to see the trends in graphic form.

The Trustee’s Deeds came in really "chunky" this month.  There were days with 10 or 12, then days with 54 and 45.  52 of the 390 were sold to private parties, or over 13%.  A big month in the past might be 6 or 8%, so there is some sort of seismic shift going on.  Sure, NRES and the other more institutional buyers made up a large portion of the sale on the courthouse steps, but there are also an increasing number of mom-and-pop investors entering the buying pool.  Here are this month’s 3rd party sales on the courthouse steps: 

APN Address $ Owing (1st) $ Sold  
87-366-07 10305 Wells Fargo 75,000 75,000  
45-712-06 15540 Donnybrook 1,028.676 397,800  
36-311-21 965 Ashwood 182,438 71,960  
200-052-11 1412 Calusa 283,125 107,400  
90-211-06 7643 Crystal Shores 291,954 90,200  
140-872-13 1760 Wind Ranch C 223,043 106,500  
534-111-15 7489 Spey 248,045 82,950  
2-332-03 1430 12th 170,201 128,611 NRES
536-362-18 17910 
Sweet Gum		 196,172 97,201 NRES
520-181-09 6125 Banestone 477,298 263,361  
532-083-12 1282 Chara 325,470 151,585 NRES
27-233-33 1300 Plymouth 233,715 61,600 NRES
140-391-02 10055 Stonefield 259,564 128,000 NRES
31-193-05 1811 I Street 196,579 44,897  
14-141-04 1100 Mount Rose 537,487 232,618 NRES
86-733-14 13763 Mount Whitney 113,987 21,500 NRES
518-102-09 1942 Canyon Ridge 238,524 120,100 NRES
33-141-40 101 I Stgreet 335,951 64,800  
140-372-08 10615 Autumn Walk 448,301 220,100 NRES
81-191-06 17650 Northridge 129,543 52,000 NRES
536-342-01 17895 Clear Lake 220,772 92,000 NRES
40-591-04 1895 Huffaker 812,957 541,000 NRES
514-291-04 4755 Goodwin 257,850 110,100 NRES
160-922-23 900 South Meadows 1822 209,681 89,100 NRES
42-313-32 6233 Alpine Meadows 330,861 204,001  
402-384-01 1360 Arona 109,605 133,400  
83-884-02 6760 Paw Rah 206,884 95,500  
8-193-02 655 Spokane 229,559 38,900  
504-571-17 5674 Peach 201,428 72,000  
85-154-49 5355 Leon 164,839 24,600  
208-663-05 2995 Sierra Glen 393,676 188,200  
502-341-09 1547 Orca 219,383 106,100 NRES
556-412-14 17655 Yearling 254,204 104,100 NRES
26-551-12 2899 Scottsdale 312,242 101,200 NRES
36-552-08 1237 Flora Glen 249,619 99,600 NRES
10-460-09 1321 Jones 303,572 115,500  
140-224-01 10008 Cascade Falls 397,715 170,500  
38-633-06 185 Stonecreek 308,584 129,801  
530-115-01 1664 Lawry 248,256 92,100 NRES
556-431-07 17430 Desert Lake 254,992 97,600 NRES
530-812-07 2375 Lenticular 269,588 162,500  
31-420-42 973 Boxcar 190,217 21,300  
83-563-10 50 Winter Storm 171,487 83,200  
526-051-12 3660 Hawkings 353,961 176,900  
140-272-26 10031 Kentfield 389,563 173,100  
85-712-24 5251 Slope 168,319 35,500  
510-012-06 6670 Dorchester 91,406 97,500  
11-402-07 100 Arlington 5E 378,573 103,501  
504-532-09 5623 Rustic 290,983 76,801 NRES
550-294-04 9527 Niagra 262,188 95,700 NRES
510-465-16 1074 Rancho Mirage 321,020 136,000 NRES
         

There is an interesting article over at REreno about one of the new institutional investors targeting Trustee’s Sales.

Coming up on my radar is a report on how NRES has been doing over the last 4 months, what is really going on at the Fitz/CommRow, 25% of Montage now sold but no current MLS listings, Villagio about to go back to the bank and whether it is or is not a Homecrafters "project", more dirty dealings at the "old" Siena, and anything else you might be curious about.  I do requests!

 

6 comments

  1. Martin

    I almost fell of of my chair when you said 690 TDs. Then I saw that you meant 390. 390 is a hefty number of TDs none the less. No doubt most all of the private buyers, like NRES, will return these houses to the market, so it is likely that there will be more houses that were forelcosed upon and put back on the market than there will be sales this month.
    Still a very muddled and murky housing market in Reno.

  2. Charley

    Of the 52 private party sales at the courthouse, 41 of them were for a figure below the median that houses are selling for. Some of them WAY below the median. In other words, even when these houses return to the market with some “premium” added to the price paid at foreclosure, they are going to add very little, if anything, to raise the median sales price in Reno.
    Look at the huge difference to the downside most these properties sold for at foreclosure compared to what was owing on them. These houses, when put back on the market, are going to drive comps down in every neighborhood. Yes, these savy foreclosure sale buyers may well make a nice profit, but none of this is good news for those hoping to see stabilizing values.
    Which is to state the obvious……..this continuing wave of foreclosures is taking the market down, and down, and down.

  3. safeway

    Well Charley, you make the keen observation that foreclosures are not good for housing values. I think I read that somewhere in my Real Estate 101 book.
    Foreclosures drive down the value of houses? Yes, I am sure that is in my basic text.
    Perhaps this is why there is proposed legislation now that will not allow “distressed” sales to be used a comps. I guess the theory of this proposed legislation is that
    if we all pretend the market is not declining, and pretend all these REO sales are not really happening, we can deceive ourselves into prosperity.

  4. GratefulD_420

    Holly Crap!

    NRES is now investing $3M a month!!! That’s $36 M/yr in revenue business!

    I certainly hope they know when to fold them, Know when to walk away, and know when to run!

    I did not look at every single one….Big risk on Huffaker and Autumn leaf however! On the otherside, if Kentfield is clean I would give them $200k, for a $25k profit tommorow.

  5. MikeZ

    Looks like someone got a great deal on 15540 Donnybrook at $400K.

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