Washoe County foreclosure-related recordings – December 2012

From our friends at Ticor Title, please find below the December Washoe County Foreclosure Statistics. New single-family REO listings decreased slightly for December, however new Notices of Default (NODs) jumped to their highest level since AB284 went into effect in October 2011. December’s 237 NODs represent a nearly 56 percent increase over November’s number of NODs. Click on the chart to enlarge…

Commentary provided with December’s foreclosure report…

Notice of Default (NOD) filings almost doubled in December.  The Notice of Sales decreased a bit and Trustee Deeds increased slightly.  With the steady Notice of Default filings, it is hoped by many that the Homeowners who are facing foreclosure take advantage of the short sale option.  The new single family residential REO (Bank Owned) listings decreased by two in December.   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 1st and 2nd Quarter.  According to some numbers provided to me, new listings on MLS have decreased again, and the concern about the 1st quarter are a reality.  One thing that could definitely assist the real estate community and our inventory would be the extension of the Mortgage Debt Forgiveness Act, which according to the news today, was extended one more year.  This is positive news for our real estate market.

Related post: Washoe County foreclosure-related recordings – November 2012