REO listings on the rise

This morning I received Ticor Title’s latest foreclosure-related recording statistics for Washoe County.  Because Mike McGonagle typically posts these same statistics on the 1st of each month, I have not posted Ticor’s stats for some time so as not to duplicate post.

However, the chart I received from Ticor today contains a new metric – namely new REO listings from our MLS.  Additionally, historical monthly data for three years prior is also included for this new metric.  This data in conjunction with the Trustees Deed filings may provide us some insight on how many properties have gone back to the bank and how many are being placed back on the market.

For example, May 2011’s 230 REO listings represents a 10 percent increase over April’s 209 REO listings; and a 28 percent increase over May 2010’s 179 REO listings.

The graph clearly shows the number of REO listings trending up.  For the 12 months preceding May 2011 the number of new REO listings has averaged about 179/month.

May’s 230 REO listings also represent a level not reached since March 2009.

On another note, the chart also shows Notices of Default have been trending downward and are now at a three-year low. As Mike pointed out in his recent post, "This is the lowest number of NOD filings since 404 in January 2008. [Additionally] This was the 4th month in a row where NOSs surpassed NODs."  These trends are encouraging signs for flushing out the REO inventories.

Click on the chart to enlarge.


About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
This entry was posted in Agent Insights, Foreclosures, Market Trends and tagged , , , , . Bookmark the permalink.

2 Responses to REO listings on the rise

  1. Avatar GreenNV says:

    You can glean some order of magnitude of “shadow inventor” from the new data. Roughly 10,500 TDs have been recorded over this time frame. Say a generous 10% were by private party flippers, leaving about 9500 REOs. Over the same period, about 6200 REOs were listed on the MLS. That leaves somewhere on the order of 3300 homes that have been foreclosed on that have not been listed. I have one of those up the street from my house.

    I would posit that there is least 3X that number caught between NOS and TD right now.

  2. Avatar Carleton says:

    And how many that have gone to NOD and no further, yet?

    Thousands and thousands. More than 10,000.

Leave a Reply