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Sunday, April 20th, 2008 at 2:26 PM

Foreclosure-Notice Counts

The source where we get the counts for the “San Diego County REOs” showed that the number of homes foreclosed on over the last three weeks has dropped. The foreclosure process in California takes a minimum of 111 days, so it could be attributed to a holiday lull, or a break in the ARM resets.

What about the NODs and notice of trustee sales – are they slowing down?

Here are the posted counts from the last four weeks – they are accumulated from the preceding week or two, so these probably go back to the end of February and beginning of March. There are 4 to 5 addresses listed per page – to make it easier I took the page counts and multiplied by 4.5, so these are rough numbers;

Date Posted&nbsp&nbsp NODs&nbsp&nbsp NOTSs&nbsp&nbsp REOs
March 26 1,746 1,026 792
April 2 531 783 126
April 8 459 666 229
April 16 693 779 396

It looks like we had a lull in the action around the end of March that resulted in low counts in the April 2nd and April 8th readings of NODs and REOs, but things are ramping up again. We did see a radical increase over the last few months, so the banks must be completely overwhelmed, and struggling to keep the process moving.

This graph below shows the counts of NODs and trustee deeds, (the number of trustee sales) from Ward Hanigan’s site. You can check out his site here: Link to Foreclosure Forum stats

WHgraph.jpg

Posted on Sunday, April 20th, 2008 at 2:26 PM in Foreclosures | 3 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 3 Responses

  1. Interesting numbers. I am really curious how the banks will cope with it. I am dealing on Toronto real estate market and foreclosures have been very rare here, anyway slowdown is clearly visible in these days and potential of foreclosures has grown…

    Toronto real estate agent | April 21st, 2008 at 1:42 pm

  2. I’m hearing lots of anecdote that NOTS are being delayed so as not to negatively impact the bank’s books. NODs are not judgement calls but NOTS are.

    Banks find themselves homeowners and appear to be in the same denial process.

    Rob Dawg | April 21st, 2008 at 4:26 pm

  3. Jim – Nothing from Countrywide yet?

    Keith Rettig | April 21st, 2008 at 6:06 pm

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