Entries
Copyright © 2011 by the first tuesday Journal Online - firsttuesdayjournal.com;
P.O. Box 20069, Riverside, CA 92516
Readers are encouraged to reproduce and/or distribute this article.
Readers do not have to request permission to reprint items, however all reprinted items must bear the following attribution: Reprinted from the first tuesday Journal Online — firsttuesdayjournal.com P.O. Box 20069, Riverside, CA 92516
NODs and trustee’s deeds: less depressed but still grim
By Bradley Markano • Jan 24th, 2012 • Category: Charts
loading...
This Market Chart presents current trends in foreclosures and pre-foreclosure activity statewide.
61,517 Notices of Default (NODs) were recorded in California in the third quarter of 2011, down from 69,799 one year earlier. The largest numerical drops in NODs issued took place in Riverside (-871), San Bernardino (-917), Los Angeles (-1,833) and Alameda (-543) counties. [For further details and analysis of the most recent quarter’s NOD and foreclosure numbers, click here.]
Chart last updated 1/24/12
| 4th Quarter: 2011 | 3rd Quarter: 2011 | 4th Quarter: 2010 |
|
61,517 NODs
|
71,275 NODs
|
69,799 NODs
|
|
31,260 TDs
|
38,895 TDs
|
35,431 TDs
|
Chart last updated 1/24/12
| 4th Quarter: 2011
55%
|
3rd Quarter: 2011
57%
|
4th Quarter: 2010
51%
|
These charts track the number of Notices of Default (NODs) and trustee’s deeds (TDs) recorded quarterly in California from 1994 to the present, along with the estimated percentage of NODs that have actually gone to foreclosure quarterly over the last four years.
Recording an NOD is the lender’s first step in the foreclosure process; the recorded trustee’s deed is the final step, at which point the property is placed in the Multiple Listing Service (MLS) as a real estate owned property (REO). The entire process takes place over a period of approximately four to five months, although this time period has recently been extended by government interference at both state and federal levels. As a consequence of this interference (designed to postpone NOD recordings and reduce trustee’s sales and evictions) we will not know the full impact of recent NODs on the total percentage of NODs which go to a trustee’s sale (and thus become REOs) until 2013.
An NOD is typically recorded when the homeowner falls more than three months behind on mortgage payments. NODs are thus a good, although not foolproof (due to adjustable rate mortgage (ARM) originations in 2005 and 2006) indicator of the financial condition of ownership in a given regional market. As such, they give a basis for predicting the number of foreclosure sales and the size of the REO inventory to come in the following six to eight months.
Read More first tuesday Analysis
(last updated October 2011)
loading...
Copyright © 2011 by the first tuesday Journal Online - firsttuesdayjournal.com;
P.O. Box 20069, Riverside, CA 92516
Readers are encouraged to reproduce and/or distribute this article.
Copyright © 2011 by first tuesday Realty Publications, Inc. Readers are encouraged to reprint or distribute this information with credit given to the first tuesday Journal Online — P.O. Box 20069, Riverside, CA 92516.
Bradley Markano is a licensed real estate agent and handles first tuesday's Market Charts.
Email this author | All posts by Bradley Markano
Sir, most of your links don’t go any where. please fix them. also the link of your Email’ News Letter.
I enjoy your emails
loading...
[...] Of the nearly 230,000 notices of default (NODs) recorded in California during the first three quarters of 2010, approximately half have or will end up sold at a trustee’s sale. By not working out foreclosure alternatives for those 115,000 displaced homeowners, lenders are creating great trepidation and uneasiness associated with homeownership. These conditions will limit the number of homes sold and with them the loans made in the future — not a good trend for the multiple listing service (MLS) environment or mortgage loan brokers (MLBs). [For more information regarding NODs in California, see the first tuesday Market Chart, NODs and Trustee’s Deeds: Grim signs of real estate’s present condition.] [...]
At the risk of sounding like a rabble-rouser, WHEN are homeowners planning to react to this current crisis by refusing to make payments until something is done?? If only half of all US homeowners simply withheld payments until this mess is fixed, it definitely would be fixed in a week or two. This problem is being prolonged, not because of its complexity, but because the banks and the govt’s are so intransigent and refuse to listen to the people who own the properties, and also because the homeowners are not unified. Time for a “payment strike…”
Steve Bradley
loading...