Foreclosure Numbers, De-Mystified
October 23, 2008
In today’s paper, I wrote about the announcement from RealtyTrac that foreclosures are on the decline in Maryland, although slightly up in the nation as a whole. These findings were heartening for state lawmakers eager to pat themselves on the back for enacting emergency laws in April that delayed the foreclosure process. On the surface, it appears that these laws were effective, but RealtyTrac’s data is a confusing jungle of acronyms: NOD (Notices of Default), NFS (Notices of Judicial Foreclosure Sale) and REO (bank repossession of Real Estate Owned properties) just to start with.
From the data, we learn that in Maryland, NODs and NFSs are way down, but between the second and third quarters, REOs doubled. But if we look at the monthly data, in September, all three statistics—NODs, NFSs and REOs — all dropped significantly. What can it all mean?
In order to explain, we called a few experts for advice, who agreed that while the April laws definitely helped, because they delayed the process of a person’s house going from normal house to bank-repossessed house, it’s likely the Wall Street meltdown that hit in September that’s limiting foreclosure actions on a month-to-month basis. Here’s what they had to say:
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