Above please find the Washoe County Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for April 2013 provided to us by our friends at Ticor Title of Nevada, Inc. [Click on the chart above to enlarge.]
The number of filed Notices of Default continue to rise – again reaching their highest level since AB284 went into effect October 2011.
Here are April’s numbers (month-over-month):
- Notices of Default – up 11%
- Notices of Sale – down 22%
- Trustees Deed Filings – down 18%
- New REO listings – up 38%
Ticor Title’s commentary accompanying the statistics…
Notice of Defaults (NOD) increased significantly again. Notices of Sales and Trustees Deeds dropped a little this month and REO Listings increased slightly. The increasing NOD’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. We will know more about the outcome of AB300 first part of June…..Hopefully all good news.
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 considerably in the non-conditioned sales area. Non Conditioned Listings are properties that are not Short Sale or REO, but regular or equity properties….There back! Short Sale listings and REO new listings were stagnant in April compared to March. This big issue we are seeing is the median sales price. In April 2012, our median sales price for single family residences was $151,200. The Median Sales Price for April 2013 is $208,000. You do the math. Do you think this is healthy?
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.
related story from the RGJ: Nevada remains No. 1 in foreclosures