“Home Is Possible” program

The Nevada Housing Division has launched the “Home is Possible” new home buyer program that provides qualified homeowners in Clark and Washoe counties a grant of up to 4% of the loan amount to be applied toward down payment and/or closing costs.

The general requirements of the program include:

  • Homebuyer must purchase the home to occupy as the primary residence
  • Minimum credit score of 640 for government insured loans; 660 for manufactured homes and 680 for conventional loans
  • Home purchase price under $400,000
  • Qualifying income on mortgage application must be below $95,500
  • Borrowers must take an approved home buyer education course
  • Borrower must meet the lender’s specific underwriting requirements
  • There is no repayment obligation; no first-time home buyer requirement

See Home Is Possible Down Payment Grant Program for more details.

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Washoe County foreclosure-related recordings – August 2014

Below please find Washoe County, Nevada Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for August 2014 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor AUGUST 2014 Foreclosure Statistics

Ticor Title’s commentary accompanying these foreclosure statistics…

Notices of Defaults (NOD) and Trustees Deeds went down slightly and Notices of Sales went up a little, but really no significant change since July. There are sporadic ups and downs due to SB321 (Homeowners Bill of Rights), Loan Modifications that have not worked out for the homeowner and there is no other alternative but to foreclose, banks are finding paperwork needed in order to foreclose, and years of foreclosure mediations are coming to a finish line. We will continue to see unpredictable numbers in the foreclosure recordings in our market.

related post: Washoe County foreclosure-related recordings – July 2014

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Washoe County insured recordings statistics – August 2014

Below please find Washoe County, Nevada resale, new home sale, and refinance insured recordings statistics for August 2014 provided by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor AUGUST 2014 Market Statistics

Ticor Title’s commentary accompanying the statistics…

For August 2014, Total New MLS listings decreased 15%. Non Conditioned Sales, Short Sale and REO New Listings decreased in August as well. Median Sales Price has held steadily at $250,000 for 3 months now. In Ticor’s chart attached, overall real estate transactions, New Homes, and Refinances increased slightly.

There are some unique and beautiful developments coming onto the market. Unfortunately there isn’t a huge selection in the First Time Homebuyer price point, so first time homebuyers are looking to the resale market. The only issue is that we have no inventory in their price range.

Commercial real estate is healthy and is contributing to the real estate market recovery. Some great commercial projects are coming to our market. Tesla is big news for residential and commercial agents. They are gearing up and preparing for the next 4 years.

Out of 788 resale transactions in August, 29% were cash transactions.

related post: Washoe County insured recordings statistics – July 2014

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This week’s real estate headlines

national real estate headlines - 2014Here are a few national real estate-related stories that came across my screen this week…

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Downtown Reno renaissance

New businesses moving in – both established and startups; historical preservation; adaptive reuse of property — these days Downtown Reno is bustling with activity and development. In fact, there’s so much going on that it helps to refer to a particular area, or “district”, when referencing Downtown Reno.

Where are these districts and how do they differ? To answer those questions, the Abbi Agency has created an infographic titled Downtown Reno Districts. This fun tool helps to explain the unique characteristics of each of the follow downtown districts:

  • Midtown
  • Riverwalk
  • Liberty
  • Wells
  • Arch Old Brewery
  • University

Click on the graphic to be taken to the Abbi Agency’s Downtown Reno Districts infographic and tell us your comments below.

downtown reno districts

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Reno’s real estate market seven years later

The Reno Gazette-Journal featured a story yesterday on the current state of the Reno-Sparks housing market.

Some of market trends observed include:

  • more new construction
  • fewer distressed properties
  • less affordable housing

Check out the RGJ piece, 7 trends about the Reno real estate market, to see the whole story.

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Tesla’s ripple effect

The Reno Gazette-Journal has an interesting story on how Tesla’s “ripple effect” will impact Reno and Sparks, Nevada. In fact, it is already being felt. See Tesla’s ripple effect could touch everyone in Reno

from the RGJ piece:

Nearly every industry in the area will grow and add employees as a result of this huge influx of Tesla employees and Tesla capital investment, as well as the significant number of construction jobs created in the first few years at Tesla and in support of the growth in the housing industry…These indirect jobs range from more retail and service industry jobs to professional jobs, attorneys and medical, as well as more government jobs like teachers and public safety. In addition to these indirect jobs, there will be many more companies that come to the region, not associated with Tesla, as a direct result of the national attention and credibility we are getting because Tesla chose Northern Nevada.

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This week’s real estate headlines

national real estate headlines - 2014Here are a few national real estate-related stories that came across my screen this week…

Posted in headlines, News | Tagged | Leave a comment