http://www.cnbc.com/id/31713614

I have no idea what that mix is, but for the sake of argument, let’s pretend it is 20% redeemed and 80% delayed. That would put, call it, 600 NTS’s that were recycled from March. That would leave 1000 new NTS filings this month. That still seems high, but not impossible based on past trends.

Still, all of the recent months are going to have some percent of refilings. 2/09 had 838 NTS with only 262 going to foreclosure in 5/09. That would imply that up to 576 filings were carried over to May’s 992 NTS’s.

I think we may be seeing a large increase in new NTS’s and a large number of NTS’s being carried over. If the trend continues, we may see a 50% jump in NTS filings every three months.

At least until the financial logjam bursts.

“The postponements are most often happening because the lienholder doesn’t seriously consider the short sale offer until they are up against the deadline of Trustee Sale.”

Yes, this is probably true, however with SO many people in default, with the notice of trustee sales piling up (1615 in one month??!) lenders are postponing sales even though the homeowner continues to live in the home without making payments. Yes people are trying loan modifications, Obama refis, short sales. I’m not convinced that all of the 1615 are trying to refi, sell short, or modify the loan. A certain percentage will foreclose each month. Maybe that’s the percentage Julie Lyda shows us in her graph.

It takes time, money, and resources to bring a delinquent loan from the NTS stage to the REO stage. We already know that lenders are backed up in reviewing short sale offers and loan mods. Well, they probably only have a similar capacity to process a certain number of full foreclosures each month, too.

Julie’s low Trustee Deed numbers to me, mean that we will have a continued trickle/stream/flood of REOs coming into the market each month for quite a long time.

Some banks have issued press releases touting their ability to complete loan mods by hiring hundreds of new people. This is great….if only loan mods were not re-defaulting.

The number of trustee deeds for the month of June is terribly low considering the NTS numbers for Jan-June 09.

Best method is to walk the block and write down the addresses so you can note a bit about the house. Then pull them up on Zillow.

As to “financial health” of the neighborhood, it’s best to check all the LTVs, as many of the upside down houses are due to refinances and not Purchase Money Loans. You could have a dangerous neighborhood LTV without any recent purchases.

I’ll do a few samples of how that’s done in a post this morning.

I’m pretty sure any Trustee sale is automatically postponed if an owner makes an application for the Making Home Affordable program. I also think that program was released on February 18th or so. Not sure if that date is in Jillayne’s post, but it was in Aubrey Cohen’s the other day.

Getting the first 30 day extension is usually pretty easy, from what I hear. After that the lienholder factors their time to consider a short sale offer or loan mod request, and can extend in bigger chunks of time. Usually in 30 day increments as in 30 day, 60 day, 90 day. More often they move in 30 or 60 day postponements strung together.

The postponements are most often happening because the lienholder doesn’t seriously consider the short sale offer until they are up against the deadline of Trustee Sale.

Finding the sold ones is easy. It’s finding the LTV on the neighbors that are not for sale that is more difficult. Most buyers can pull solds on Zillow or Redfin or Zip Realty or Trulia, maybe John L. Scott. I don’t use public sites, but most have been showing solds for some time now. King County records gives you some history, but Zillow is probably the best source for seeing previous sales in and around a house.

I think it’s time for a Zillow Zestimate post, to see how Zillow is doing these days relative to current sold prices.