Below are Washoe County’s Foreclosure Statistics through the month of March. (click on the graphic to enlarge). These statistics are provided to us by our friends at Ticor Title.
It is no news that the number of Notices of Default fell off a cliff after October 1st of last year. That has now resulted in a significant reduction in the Notices of Sale (NOS). March NOSs are down 16 percent from February’s number; and are down 36 percent from January’s number.
Commentary accompanying the report…
Notice of Default (NOD) filings increased slightly from February and of course the numbers are still affected by the New Law (AB284) that was effective October 1, 2011. There were some Bank Notices of Default filings but most of the Notice of Defaults were again private beneficiary and local banks/credit unions. As predicted, the slow of Notice of Defaults are also affecting the Notice of Sales (NOS) which decreased in March by 43 and may continue to decrease even more in months ahead. Trustee Deeds decreased by 92 from February and the decrease could be contributed AB284 and the Banks working with homeowners in regards to short sales. Based on the NOD & NOS filings, Trustee Deeds will continue to dwindle in future months. The new single family residential REO (Bank Owned) listings increased slightly from February but it is evident when you look at the past Trustees Deed numbers that there is a shadow inventory (Bank Owned Properties not yet listed) lurking. As mentioned before, inventory in Nevada is down considerably and the real estate community is very concerned about the lack of inventory available in future months for the potential buyer. We hope that the Banks will release more inventory and the seller’s who are on the fence, take this opportunity and put their homes on the market.
Related post: Washoe County foreclosure-related recordings – February 2012
GratefulD_420
Guy… a while back you asked what effect AB284 would have on the market?
Here it is. Prices are going up sharply. Specifically effected will be the $150 – $320k range.
AB284 spirited to stop banks from incorrectly foreclosing on innocent note holders has single handed, stopped the foreclosure process (NOD’s, NOS’, TD’s) in the most RE defunct state in the nation.
The result is a very hot market with a large looming dark cloud (all the defaults and REO/Short Sale) that is still left unresolved hanging, building and ready.
The facts are easily traced. The above is happening. The question is how long and when will the banks and the courts resolve the matter. My thinking tells me this should be resolved quickly, however my experience is the housing market moves slower than anyone expects.
Enjoy the mini-bubble while it last (for how long?). Spend small, save well my friends and get out before the music stops (that includes you Guy!).
Cheers,
– MWT
GratefulD_420
so where is Green NV? where is mike McGonagle?
u never mentioned he was on vacation? has he left the site?
I was looking forward to his comments and take on this decisive BOTTOM of the market.
– MWT
Rubiconer
” we hope the banks will relaease more inventory and seller’s will…put their homes on the market.”
It appears that the realtors are not the only ones who see lean times coming. Crashing sales volume is also going to hit the title companies hard as well.
Latenite
Grateful, you think the banks and the courts are going to resolve the AB 284 situation quickly?
Man, you must not have spent much time with lawyers and the courts. They operate in a parallel universe where time is slowed drastically. What takes a month in normal time takes 4 months in lawyer/court time.
When a lawyer says “I’ll get right to it” that means something might happen in the next 90 days.
Guy Johnson
GratefulD_420,
Inre: “so where is Green NV? where is mike McGonagle?” Check out the REreno blog.
Mark
Americans brace for next foreclosure wave
Google the title if the link does not work.
tyler durden
i think the bank will continue the increase in short sales and manage inventory …even if it takes a decade
GratefulD_420
To Latenite…
Thanks. I definitely was not thinking in 1 to 3 months time scale… but hopeful to be resolved in 6 to 9 months versus 2+ years. One thing I’ve learned for certain is that lawyers and courts move slow….. real estate moves even slower.
Thanks for the reply and info Guy.
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