I wouldn’t be surprised if NODs double or even quadruple in the next 12 months. I see this thing unravelling sooner than many think. More importantly, the percentage of NODs that are actually foreclosed will most certainly be higher than the historical average of 7% that they mention in the UT article. The climate is much different now than 1996 with so many mortgages of the ARM variety. The ARM resets should begin in to have a major impact in the next year. Addidionally, MLS inventory is already higher than in 1996 and growing making it very difficult to unload your property.
