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. All indices are down month-over-month. Notices of Default and Notices of Sale continue to plummet.
Notice of Default (NOD) filings decreased by 9 from March 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 are 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 April by 29 filings and may continue to decrease even more in months ahead. Trustee Deeds decreased by 74 from March and the decrease is probably affected by AB284 and also the Banks are recognizing that short sales are their only alternative. Based on the NOD & NOS filings, Trustee Deeds will continue to dwindle in future months. The new single family residential REO (Bank Owned) listings decreased slightly from March. 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. Real Estate Agents who have listings under $200,000 are getting multiple offers and can’t keep up with buyer demand. 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.