In August we saw a spike in NODs, mostly due to Bank of America’s increased output.
It was mentioned here that last month’s NODs appeared to be slowing. But I just figured out that the NOD reporting by foreclosureradar.com runs about 10 days behind – even though they report the results of trustee sales the same day. Here are the September NODs – and it appears that we’re back to “normal”, after the August bump that was driven mostly by Bank of America. (revised from earlier today)
Of course it doesn’t mean much unless they are going to actually foreclose on defaulters, which lags behind by at least four months. Lately, the completed trustee sales aren’t on the rise:
Hopefully we’ll be in for a big spring kick, led by BofA!
Thanks JTR.
Those August NODs would come up for trustee sale in ordinary course in December. Most servicers typically do not conduct sales in December/holiday season.
Could be a more interesting December than usual this year.