Dec 15-21 Pima County 190 N.O.D. filed
The week before Christmas saw 190 Notice of Defaults(NOD) filed in Pima County. NOD’s are the first stage of foreclosure, and are usually filed 90 days before the house will go to auction at the courthouse steps.
The 190 filings this week total 1st lien position was ~$38.3 million and Zillow Estimates of the homes were $39.86. Again usually these homes include a second or even a 3rd mortgage so we add an additional 15% to get a total encumbrance of $44.04 million. This is substantially higher than the Zillow Estimates and means each home is underwater by 10%.
A surprise in the filings was the zipcode 85706 with 28 filings, outpacing the closest competitor zipcode 85713 with 13 filings. The subdivisions with the most filings: Continental Reserve, Tres Pueblos, and Terra Del Sol.
Tags: NOD, Pima County NODs, Terra Del Sol