Notices of default (NODs) continue to climb — surpassing 200 for the month of August. See commentary below.
Click on the chart to enlarge…
Commentary from August’s report [Note: thank you to Ticor Title for providing this data]:
Notice of Default (NOD) filings have increased significantly in the last few months. As you can see the numbers have almost tripled since May 2012. We are now seeing the larger banks work within the requirements of the New Law (AB284) that was effective October 1, 2011. As predicted, the slow of Notice of Defaults from October to present have slowed the Notice of Sales (NOS) and Trustees Deeds. The new single family residential REO (Bank Owned) listings dropped slightly from 57 in July to 52 in August. As mentioned in prior comments, inventory in Nevada is down considerably and the real estate community is very concerned about the lack of inventory available in the coming months for the potential buyer. Nevada is not alone in regards to inventory. After talking with our title operations in other states throughout the Nation, lack of inventory is an issue everywhere. With the increasing Notices of Default in Nevada, we may see more seller’s listing properties for short sale, which will hopefully help to increase our inventory.
Related post: Washoe County foreclosure-related recordings – July 2012