Below please find the Washoe County Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for March 2013 provided to us by our friends at Ticor Title of Nevada, Inc.
What an about face from February’s numbers! NODs, NOSs and TDs are all up markedly for March, with NODs hitting their highest level since AB284 went into effect; and NOSs up 69 percent. It appears the banks are figuring out how the requirements of AB284 and how to be compliant.
Here are the numbers (month-over-month):
- Notices of Default – up 22%
- Notices of Sale – up 69%
- Trustees Deed Filings – up 79%
- New REO listings – down 29%
Click on the chart below to enlarge…
Ticor’s commentary accompanying the statistics…
Notice of Defaults (NOD) increased and Notice of Sales (NOS) significantly increased in March. Trustees Deeds bumped up a little & REO Listings are showing a consistent decline. The increases of the NOD’s and NOS’s are partly because of the banks feeling more comfortable with AB284 and the proposed changes to AB284 (aka AB300) that are getting addressed at the current Legislative Session. 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 2nd and 3rd Quarter. According to some numbers provided, new listings on MLS have increased in the non-conditioned sales area and these are properties that are not Short Sale or REO, but regular or equity properties. Short Sale and REO new listings decreased in March compared to February. There are hundreds of qualified buyers ready to purchase but are getting beat out by cash buyers and investors. This trend is starting to look very similar to the BUBBLE we experienced in the 2004-2006 timeframe. It is hoped that Homeowners who want to sell take advantage of the market conditions and Banks who are holding assets will release a healthy amount of inventory, at an affordable price, to assist in our backlog of buyers waiting.