Trustee’s Sales fell to 79 in August, from 90 in July and 128 in June. Notices of Sale held steady at 129, from 128 in July and down from 167 in June. Notices of Default maintained there upward trend to 207, up 20% from 164 in July and 83 in June. The banks look to be running out of inventory and have decided to play by Nevada rules and refill the pipeline.
If you want to see the wild 5 year ride in graphic form, click HERE.
Last week, LPS and Priority Post showed ZERO residential REOs for the first time in years (there were 2 commercial REOs). These 2 services pick up about half of the Trustee’s Deed activity. This week, only 40 total, where they were topping 100 a few months ago:
Postponed – 20
Canceled – 7
REO – 10
3rd Party – 3
Though NRES is still active, the pipeline of new foreclosures heading for the market is being choked off. The banks are bumping their asking prices at the TD sales, or just yanking them. And the 30% of Trustee’s Sales that were going to 3rd Parties is back under 8%. No new inventory = higher price pressure especially on the low end of the market.