Wow! Notices of Default (NODs) quadrupled in September (see chart below). …however, this dramatic increase could be a very short-lived phenomena — as in one-month only. The new foreclosure requirements of SB321 became effective yesterday, October 1st. The number of NODs filed this month (October) could easily drop back to the double digits.
Below are Washoe County Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for September 2013 provided to us by our friends at Ticor Title of Nevada, Inc. [Click on the chart below to enlarge.]
Ticor Title’s commentary accompanying the statistics…
Notice of Defaults (NOD) increased by a HUGE number, from 151 to 613. Notices of Sales went down from 211 in August to 155 in September. Trustees Deeds increased by 1 recording. In September of 2011, the banks recorded 613 Notices of Defaults before October 1, 2011 when AB284 (now AB300) came into effect. It’s interesting that the exact number (613) was recorded this September before the October 1, 2013 effective date of SB321 the new Homeowner’s Bill of Rights. It would be assumed that the banks are trying to beat the deadline before they have to comply with the new foreclosure requirements of SB321. Want to read the bill, click on this link: http://www.leg.state.nv.us/Session/77th2013/Bills/SB/SB321_EN.pdf
For September, New Listings are down and buyers are still waiting for the right property, lower interest rates and affordable housing. Total Solds in September are down from August and the September Median Sales price went up slightly to $225,000. REO and Short Sale New Listings are still on the decline.
What am I hearing out in the field?….
- Some Bank Owned/REO listings are priced too high.
- There are traditional sellers also pricing too high.
- Everyone is waiting to see if the Debt Forgiveness act will be extended.
- Seeing an increase of For Sale By Owners in the market.
- Inventory under $200,000 hard to find.
- How will SB321 affect our market?
- How will the Government Shut Down affect our transactions?
Have questions? Please feel free to contact myself or one of our sales executives.
Regional Sales Executive
Ticor Title of Nevada, Inc.