Just when you thought that NODs (Notices of Default) were slinking back into our Great Recession past, 84 NODs were recorded in October.  84 is a big number – 14x the filings from September. They seem to be fairly evenly split between old NODs being refiled, bubble loans that have held on for a decade and are throwing in the towel, and new loans that are going into default rather rapidly.

Jan – 59

Feb – 63

Mar – 48

Apr – 41

May – 41

June – 11

July – 3

Aug 5

Sep – 6

Oct – 84

(Oct 2016 – 61)

Banter Bear Bait!  RRB is tracking 2 months of declining median prices, though this tracks exactly to what happened last year.  If the pattern holds, we will just sort of float along for the next six months or so.  I feel vaguely squeamish about the current market – there seems to be growing buyer resistance at the price points new developments are asking, nothing affordable on the horizon, and “luxury apartments” the hottest development trend.

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