Washoe County foreclosure-related recordings – November 2011

Below are Washoe County November 2011 Foreclosure Statistics provided by our friends at Ticor Title.

For the second month in a row the number of NODs filed is barely above the single digits. A big question on many minds is when and to what extent will the drop in NODs be observed in actual listed inventory – namely REO (bank-owned) listings. The answer to that depends on a few variables:

• How much standing inventory the banks are currently holding that has not yet been released (listed)
• How many properties that have had a Notice of Sale filed on them and are in the foreclosure pipeline
• How many properties, on which an NOD has already been filed, have not yet had a Notice of Sale filed on them.

As the commentary below from Ticor Title alludes to the end result could take months to be observed. Click on the image below to enlarge.
 
A note from Ticor Title:  Ticor does not include HOA defaults in the statistics because they are not Deeds of Trust defaults.  We only show Bank or Private Beneficiary Notice of Defaults.  If a Notice of Default has multiple APN’s within the Deed of Trust (e.g. subdivision/development) and Notice of Default, then we only show the Notice of Default affecting the Deed of Trust.

Commentary form Ticor Title:  The Notices of Default filings are continuing to be low due to AB284 the new Foreclosure law that was effective October 1st.  The Notices of Sale and Trustees Deeds are steady, but remember that the foreclosure process began prior to October 1st.  We are waiting to see how the Notices of Sale and Trustees Deeds will be affected in coming months.  Also, we included the new REO Listings on MLS.  Those are continuing to be steady and hopefully we will see more assets released in coming months.