Thursday, March 12, 2009

Foreclosures for February 2009

ForeclosureRadar came out with their February 2009 foreclosure report. Notice of Defaults (NOD) rose to a new high. Notice of Trustee sales declined and trustee sales increased slightly. Quite a mixed report. Since NODs are the leading indicator it looks like things are going to start deteriorating even more later this year once some of that supply hits the market. One other possible explanation is that people are learning more about loan modifications and are intentionally defaulting in hopes of getting a better loan modification. There is significant lags between NOD, NTS and actual trustee sales add in all the government programs and I think this data set will have a lot of noise over this next year.

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