The 1,762 NOTs delivered in San Diego last month was a new record. NODs were down 5% from April, but May was nonetheless the second-highest month on record.
NODs were up 114% percent and NOTs were up 187% from last May.
The long-term chart shows that foreclosure activity is now running nearly 3 times as fast as the pace that typically prevailed in the 1990s bust. This is absolutely uncharted territory.