6 months in from the enactment of AB 284, the March foreclosure activity statics are getting interesting.

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:

Postponed     43

Canceled       10

REO               13

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.

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