by Calculated Risk on 8/21/2007 08:45:00 PM

UPDATE: Rich Toscano at pigginton.com provides a long term graph of NODs and NOTs in San Diego normalized by the San Diego labor force. (hat tip SDMisfit).

According to Ramsey Su, an investor and former real-estate broker in San Diego, there were 349 REOs (bank Real Estate Owned) in San Diego for the week ending August 17th. There were 602 NODs (Notice of Defaults) and 278 NOTs (Notice of Trustee's sale) for the same week.

"I have been involved in real estate since the mid-1970s. I have never seen anything like this."
Ramsey Su, an investor and former real-estate broker, Aug 21, 2007.

Click on graph for larger image.

This graph shows a 3 week centered average (to smooth data) for NODs, NOTs, and REOs in San Diego.

NOTs are shifted 90 days (since it takes 90 days from NOD to NOT), and REOs are shifted another 21 days (the time required between NOTs and the actual sale).

REOs last week were 349 (3 week centered average was 247). To put this number into perspective, the San Diego MLS reported 1072 closings (regular sales) from Aug 1 to Aug 20, so pretty soon foreclosures are going to completely swamp the real estate market in San Diego.