NODs tallied 34 in February. down from 36 in January and up from 28 in December. A couple of Fannie properties showed up along with some pretty prominent commercial properties, but the major banks/servicers have not found a work around yet to clear their inventory stuck in limbo as a result of AB 284.
NOS fell dramatically to 263 in February from 346 in January and 401 in December, a 25% drop. There were an inordinate number of HOA related filings to beat Special Assessment liens, so the drop was probably closer to 35% or more. With virtually no properties entering the foreclosure cycle since October, we are working only on backlog.
TDs are pretty interesting. They fell to 219 in February, down 15% from 257 in January and pretty close to the 223 in December – back into the range we have seen for the last 6 months. Of the 219 recorded Trustee’s Deeds, 68 (31%) were bought by 3rd parties (NRES, Dickson, Compass, Celerity, and a lot of dilettantes Caughlin Ranchers). This is nearly double the monthly numbers I have ever seen from the recorded data.
The courthouse steps seem to be getting pretty crowded. The smart people I know realized the “deals” there were drying up months ago, and are using alternate purchasing outlets. NRES marches on, and the masses are piling on, too. I love bubbles!
(WordPress tells me this is the 96th post on REreno. Any suggestions for a topic on the milestone 100th post?)