Here’s a quote from the article in today’s Union-Tribune:
“This is an important trend to watch, but doesn’t strike us as ominous,” DataQuick President Marshall Prentice said in a news release. “The increase was a statistical certainty, because the number of defaults had fallen to such extreme lows. We would have to see defaults roughly double from today’s level before they would begin to impact home values much.”
As the number of NODs increases, so will the percentage of foreclosures rise among those NODs. Once again, it’s not the raw numbers that matter so much as it is the trend. The trend was going in one direction and now it has reversed course.
