Monday, December 15th, 2008 at 5:30 AM
Increasing NODs
The foreclosure train is getting back on the tracks.
Here are the November stats, from Ward’s site:
| Month | NODs filed | Foreclosures |
| Jul | 3,206 | 2,285 |
| Aug | 3,176 | 2,197 |
| Sep | 1,360 | 1,981 |
| Oct | 1,269 | 1,293 |
| Nov | 1,495 | 1,144 |
The 18% increase on NODs filed last month is a good sign that the lenders are adjusting to the new 30-day-delay law. Hopefully it’ll mean we’ll see a nice uptick in REO inventory for spring!
Another interesting stat that Ward follows is the number of trust deeds recorded. Back in the day when virtually every buyer was financing with two loans, the mortgage, escrow, and title companies were awash with volume business. Here’s how things have changed:
| Year | Avg. # of TDs Recorded Per Month |
| 2003 | |
| 2004 | |
| 2005 | |
| 2006 | |
| 2007 | |
| 2008 | |
| Nov 08 |
November’s total is 13% of the 2003 average. Massive consolidation still underway in the mortgage, escrow and title businesses.
Posted on Monday, December 15th, 2008 at 5:30 AM in Foreclosures/REOs | 3 Comments » | 
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Hopefully we’ll see some of these hit the market soon. I quit looking until they do. As a potential buyer it feels like we are getting shafted because inventory is such smoke and mirrors game. So frustrating….
Ryan | December 15th, 2008 at 9:45 amRyan – I am with you. I am in your position and have been since February of this year. It does seem impossible at times. I finally had an offer go to the bank last week for a short sale. Funny how that is encouraging when all you are used to hearing is “no way” or “bring us your best and highest offer”…when that is exactly what it is. Don’t give up. Keep hunting. It will pay off in the end. I have learned so much over the last year and am now in a better position to negotiate with the price drops, economy, and hopefully for people like us a 30 year fixed rate at 4.5%. Other people I have read on this blog detest the low interest rates and I see their point for the big picture, but for people in our position in this time of the real estate market, I consider us fortunate. Fortunate to be in a position to buy while prices are down (almost affordable), interest rates are down possibly going lower, and we are not underwater attached to a depreciating asset (which maybe the case when we finally purchase one). With the direction of the new wave of REO’s and Foreclosures (as reported by our knowledgeable host), there has to be something out there for us. You will find your diamond in the rough. Who knows, we might be neighbors?
Neil Diamond | December 15th, 2008 at 10:32 amJim,
arizonadude | December 15th, 2008 at 10:50 amHow long does it take to get the deadbeats out of the house from the point of the NOD?