The UNLV Lied Center for Real Estate just released their updated Research Report. NOD (Notice of Default) activity is still low by historical standards, but the trend is nonetheless upward and persistent (+28% YoY), see Figure 1. Roughly 5,000 defaults have occurred since January of 2022. Of these 5,000 defaults, roughly a quarter are accounted for by default activity in the first six months of 2025.