Washoe County Foreclosure Market Indicators - Has It Peaked?
Foreclosure & Short Sale Homes
If you area a regular reader of this blog you may very well be tracking foreclosure market activity in Northern Nevada. The pre-cursor to a foreclosed home is the filing of a "Notice of Default" by the lender after the home owner has missed multiple payments.
Ticor Title in Reno does a nice job of tracking the number of Notice of Default filings in Washoe County (Reno, Sparks, Sun Valley, Incline Village). This number, although scarily high, has decreased for the last two months. While this is not long enough to establish a trend, it may represent the peak of the Notice of Defaults filed, which means foreclosed homes will peak in the next 4-8 months (this is a rough range of how long it takes to get the home on the market as a foreclosure after the NOD is filed).
Take a peek at the chart here - PDF format.
Thanks Ticor!
Date: Saturday, July, 19th 2008 @ 03:57:21 PMViews: 226
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