Do you guys even care about the monthly NODs, NOSs, and TDs? I find them pretty interesting as a market indicator, but then again, I also chase fire trucks.
So for May 2011, NODs fell to 405 from 462 in April and 544 in March. This is the lowest number of NOD filings since 404 in January 2008. NOSs inched up to 520 from 514 in April and down from 611 in March. TDs were also up a tad to 371 from 351 in April, but down from 390 in March. The chart is here. It is in Word, so if you double click on it the supporting data will show up.
This was the 4th month in a row where NOSs surpassed NODs. For a while, it even looked like TDs would surpass the NOD numbers for the month. I don’t know if the the foreclosure picture is slowly unwinding or if there is a conspiracy going on (check in, Tofu Mary!) but NODs are certainly moving in a positive direction.
Of the 371 TDs, 82 or 22% were purchased by third parties on the courthouse steps. Even a few months ago, this figure was around 6% up from a historic 2% figure. NRES continues to be the gorilla in the room – they bought 38 properties and sold 32.
In reading Guy’s recent posts on the percentages of equity, short, and bank owned sales, I realized that the number of equity sales is being GROSSLY overstated and skewed by using the MLS as a data source. New builder homes listed on the MLS accounted for at least 5% of total sales but would register as an equity or "normal" sales. Flipped Trustee’s Sales now account for at least 10% and probably closer to 15% on monthly sales, but are also counted as equity sales. It is far more grim out there for equity sellers than is being quoted, as if the stated data wasn’t grim enough.
Deficiency Judgment filings are definitely on the rise based on what I see from the legal filings in the RGJ. The big banks are generally conspicuously absent, but the local credit unions are being pit bulls. Remember "we’re local, we’re your friend?" Now it’s "we’re local and we know where you live, scumbag." Wachovia is going after Eastside Development (Lake Ridge Apartments, Nathan Topol et al) for a big judgment.
On a lighter note, CommRow has stepped up to the plate and received a new batch of permits on their project at 255 N. Virginia. No permits on the parking garage yet, and the "programming agreement" for the trench covet kept getting postponed at the City Council meetings.:
– BLD11-05082 – $10,000 for interior demolition.
– BLD11-02928 – $230,000 for a Climbing Wall (a new category for the city!).
– BLD11-03200 – $95,000 for TIs. That’s for "tenant improvements" not "terrible idea", at least in city-speak.
Is it just me, or is the West of Wells semi-Historic District looking incredibly flammable lately? 424 Moran went up in flames yesterday. One one Holcomb a few blocks away 2 weeks ago. I’m a little confused why Reno Fire Department is not publicizing the 40 or more recent arson fires (some benign, some not so much) that have plagued the are recently. Flames happen in decrepit older neighborhoods, but it looks like we have a firebug at work.
What do you make of 1621 Phillips? At $69K, I think it is still a "run away" after visiting it today.
Also checked out 5230 Cedarwood yesterday. Someone down in Callahan Ranch has GOT to have some stories about this place! The former owner has shown up on this site numerous times before.
Wally World pulled their $12M permit for their new super center in North Whatever. If you haven’t explored the People of Wal-Mart site you have been missing out on a cultural icon in the making!