October Foreclosure Statistics For Washoe County

To get a better understanding of where we were and where we are going in the foreclosure market, Ticor Title Company started tracking Foreclosure trends in Washoe County in 2007.  In the foreclosure trend line, Ticor shows the total recordings for each month of Notices of Default, Notice of Sale, and Trustee Deeds.

For the month of October, we have seen a significant drop in Notices of Defaults (NOD), due to a new Foreclosure Law AB284, that was effective October 1, 2011.  November is so far showing the same trends as October. This law has also affected Las Vegas, Clark County, which has seen a significant drop in NOD filings. Because of this new law, we may also start noticing a decrease in Notices of Sales and Trustees Deeds.  In the coming months, we will see what this new law will create in our already challenging housing market.

A Notice of Default is the beginning stage of the foreclosure process, wherein the lender has notified the property owner (borrower) that they have defaulted on their mortgage.  The Notice of Sale is a recorded document notifying the public that the property is to go to sale or auction at the court house steps.  The Trustees Deed is a recorded document that transfers ownership to the successful bidder at the sale and/or bank.  We recently added New Single Family Residential Bank Owned Listings to the trendline. These are new bank owned properties that have been listed to the multiple listing service.

The Notice of Defaults are recorded, but many of those properties could possibly be going through a loan modification, short sale, or other alternatives.  The Trustees Deed recordings are either investors who purchased at sale or REO (bank owned).  The properties owned by the bank are not being released in large increments.  If anything, the banks are holding off and slowly releasing their inventory.  The investor owned properties could possibly be remodeled and then eventually put on the market.

We will be posting these statistics every month, so make sure to check the www.renorealestategurus.com website.  For more information about these statistics, please feel free to contact me at eschiller@ticortitle.com or visit our company website at www.ticorrenosales.com

Erin Schiller is the Regional Business Development & Education Director at Ticor Title in Reno. For over 24 years she has been dedicated to improving and educating the members of the Reno Sparks Association of Realtors, you can visit her at Ticor Title Reno or call her at 775-324-7400.