Washoe County foreclosure-related recordings – September 2012

Despite some healthy increases over the past three months, notices of default (NODs) dropped substantially in September – retreating to levels not seen since May of this year. See commentary below.

Click on the chart to enlarge…

Commentary from September’s report [Note: thank you to Ticor Title for providing this data]:

Notice of Default (NOD) filings has increased significantly in the last few months, but dipped down again in September.  It is not known why the big dip in Notices of Defaults, but October is already starting off with 86 Notices of Defaults filed as of October 12, 2012.  As predicted, the slow of Notice of Defaults from October 2011 to present have slowed the Notice of Sales (NOS) and Trustees Deeds.  The new single family residential REO (Bank Owned) listings decreased again from 52 to 37 in September.  As mentioned in prior comments, inventory in Nevada is down considerably and the real estate community is concerned about the lack of inventory available in the 4th and 1st Quarter.  We are not alone when it comes to inventory issues.  While talking with our title operations in other states throughout the Nation, lack of inventory is an issue everywhere.  Recently, our operations in Oregon informed us that a similar bill like AB284 was passed and they are waiting to see how it will impact their real estate market.  Stay tuned…

 
Related posts: Washoe County foreclosure-related recordings – August 2012
and Washoe County foreclosures down 70 percent