August Foreclosures

[Alan]

8/1/2007 - 8/31/2007: 346
8/1/2008 - 8/31/2008: 575

+66%

[jillayne]

Alan, are we down month over month from July?

[Alan]

Yep.

7/1/2008 - 7/31/2008: 728

How long does a homeowner need to be delinquent before a NTS is filed?

[jillayne]

60 days.

Are you using NTS'?

An investor in one of my classes this past month (Aug) said (and the class was held mid-month) that NTS' were up double in Aug from Sept and that was only halfway through the month.

He thought for sure that August would be higher than July.

I wonder if we had a dramatic drop off toward the end of Aug as lender employees caved in from their 80 hour work weeks and demanded vacation time.

Sometimes I think I read this blog too much because I'm starting to think in question format, like sniglet. Example: "Are lenders purposefully delaying filing their NTS to avoid reporting their defaults?"

[Alan]

8/1 - 8/7: 134
8/8- 8/14: 109
8/15 - 8/21: 125
8/22 - 8/28: 170
8/29 - 8/31: 36

It looks like they processed the largest number the week before the labor day weekend and slacked off the second week.

Maybe June and July were better for sellers than May and June.

Maybe government programs helped people catch up.

Who knows.

The NWMLS data Tim posts () says that median prices fell in May, rose in June and fell in July. May to July is about 60 days so maybe that corresponds to a higher foreclosure rate. They rose in June so fewer people were in trouble in August. It fell again in July but not as much as in May so maybe September NTS level will be between August and July.

But then September 07 say a $27k drop so we would have expected a large NTS rate in November 07. November only saw 343 NTS's. Maybe median price isn't a good indicator. Maybe there isn't a good indicator. Maybe NTS's are the best way to see how fiancially stressed the public is.

[MikeC5]

Does anybody know where I can research forclosed homes in the area for free, without having to sign up for a monthly subscription online?

[Alan]