I decided to go with all the positive gridiron photos as the Ducks play Auburn next week in the ultimate BCS game. Certainly more interesting than Notices of Default in Deschutes County, a bit more uplifting too.
Notices of Default
A Notice of default is usually looked upon as the first step in the foreclosure process (though not all NOD’s result in foreclosure). The notice is customarily filed after a mortgage is at least 90 days delinquent. NOD’s are tracked in an effort to assess real estate trends . . . they can give us an idea as to the quantity of the flow of future distressed properties.
Down in the Fourth Quarter
Nope, we’re not talking football (Go Ducks!), but rather the umber of NOD”s for the fourth quarter of 2010. For the first time in nearly three years, defaults dropped in a year-over year-quarterly measure. The drop was actually substantial–almost 11%–when compared with the figures from the same quarter in 2009.
Up for 2010
What sounded like good news above, is, in reality, probably just a bit of a lull caused by a variety of factors (a freeze in foreclosures by several large banks, lenders holding on to properties through the end of the year, etc.). I guess the really bad news is that the number of Notices of Default filed in Deschutes County (probably Oregon’s hardest hit county) for 2010 reached an all-time record of 3764 (whew!) . . . or 7% more than the previous high (3507) in 2009.
Want more troubling news? The 2009 figure represented an 82% bump over 2008 numbers (1925).
Go Ducks!!
