Thank you to Ticor Title for the October 2013 foreclosure stats and commentary. The full commentary and stats can be viewed by clicking the picture to the right. Below is a brief overview.
- Notice of Defaults (NOD) which start the foreclosure process fell through the floor from 613 to 34. SB 321 is the main reason for this and the numbers look eerily familiar to October 2011 and AB284.
- Notices of Sale (the property is heading to auction at the courthouse) fell to 97.
- Trustees deeds (the property was taken by the bank or bought by an investor at the courthouse) rose slightly to 104. SB 321 has no real affect on the Notice of Sale and Trustees Deed because they were filed before the bill was enacted.
- New REO listings doubled but only up to 32. Still a quarter or so of what we were seeing in the height of foreclosure activity.
The numbers are as expected. What remains to be seen is how quickly the 613 NODs from September can get through the system and to market. I doubt they will have a major effect on the market when they do.
For more information on buying or selling a home in Reno and Sparks contact Ricky Beach at (775) 393-9601 or Ricky@RickyBeach.com