Well October numbers are in – and look at the plunge in Notices of Default! 13 total NODs for the month. That is a 98% decrease in one month. Notices of Sale increased a little more than 7 percent over September’s number. I expect, given the ramp up in NOD filings in the months preceding the October 1st effective date of AB 284, that we’ll see increases in Notices of Sale over the next three months or so, and then because NOD filings have dropped off a cliff, Notices of Sales will drop off as well.
Trustees Sales continue to fall, hitting a 20-month low. To see all the numbers click on the chart below.
Thank you to our friends at Ticor Title for this data.
Related post: Nevada NODs grind to a halt
To hear one real estate agent’s take on the potentially “devastating repercussions” of the passage of AB 284, check out this video below from Bryan Lebo of The Lebo Group in Las Vegas. This is a well done and insightful video and worth the nine minutes of your time. [Note: the market numbers that Mr. Lebo quotes in his video are for the Las Vegas (Clark County) market, however the percentages and timeframes he mentions could certainly apply here in Washoe County.]
If Mr. Lebo’s predictions are correct, 2012 will be a frenzied year, with home buyers scrambling to pick up the little remaining inventory.
UPDATE November 3, 2011 – Ticor sent over a new chart showing the number of single-family residence REO listings hitting the market (click on the chart below). Note that the 148 new REO listings that came on the market in October represent an 18 percent decrease from September and a 33 percent decrease from August. This number will be interesting to watch over the next few months.