TDs – 198 in March, down from 219 in February and 257 in January and 233 in September 2011. This is all relatively stable, and points to the amount of “shadow” inventory coming to market now that the foreclosure spigot has been shut off.
NOSs – 220 in March, down significantly from 263 in February, 346 in January, and 411 in September 2011. AB 284 is starting to work its magic.
NODs – 67 in March, nearly double the 34 in February and 36 in January, but not catching up to the 613 in September 2011. It is hard to believe no homeowner’s are defaulting.
If my guess on how much shadow inventory is actually out there is anywhere near correct, TS numbers will continue to be pretty constant. The Banks are controlling the flow at this point. But they can’t control the NOSs anymore, and they will continue to fall. Some folks have figured out the NOD process mandated by 284, and I expect this number to keep rising.
Are you seeing any patterns or interesting data points to look at?
NRES – I have to find time to update their buy/sold spreadsheet, but I track them at buying 71 and 71 this quarter. This is a slow down for them, with no increase in inventory. Something to watch, as they are the smartest mind in the room right now.
– Last week’s TD activity as reported by LPS and Priority Post, 106 total:
3rd Party 10
That’s back down below 25% or TDs being resolved (REO or 3rd Party). Format is Amount owing / Opening bid / Sold:
– 1210 Serpentine 175/123/123
– 1868 Quail Ridge 328/157/160
– 9710 Drybrush 259/83/117
– 26020 Old Mount Rose 454/163/200
– 3717 Lepus 231/115/145
– 7605 Claridge 142/74/77
– 919 Turnberry 290/116/131
– 2451 Melody 215/77/107
– 704 Diogennes 145/124/129
– 3455 Cashill 413/1/236
That’s a lot of overbids. The deals on the courthouse steps are yesterday’s news.
CPH (Cat Pee House) – Permit drawing for an upgrade (is a downgrade even possible?) will go into the City tomorrow. Once we get a permit pulled, the owner has graciously allowed me to post some of the process drawings, if you are interested in how projects go from ideas to reality.