Washoe County foreclosure-related recordings – June 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 June 2014 provided to us by our friends at Ticor Title of Nevada, Inc. [Click on the chart below to enlarge.]

Ticor Title JUNE 2014 Foreclosure Statistics

Ticor Title’s commentary accompanying these foreclosure statistics…

Notices of Defaults (NOD) increased from 65 in May to 84 in June. Notices of Sales also increased from 77 in May to 94 in June. Trustees Deeds decreased considerably to only 34 recordings in June. As mentioned before in previous commentary, the future of Foreclosure Recordings is unpredictable due to the most recent “Homeowners Bill of Rights” SB321 Law that was effective October 1, 2013.

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

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Washoe County insured recordings statistics – June 2014

Below please find Washoe County, Nevada resale, new home sale, and refinance insured recordings statistics for June 2014 provided by our friends at Ticor Title of Nevada, Inc. [Click on the chart below to enlarge.]

Ticor Title JUNE 2014 Market Statistics

Ticor Title’s commentary accompanying the statistics…

For June 2014, Total New MLS listing decreased. Non Conditioned Sales increased a bit. Short Sale and REO New Listings and Sold Transactions are relatively flat for June. Median Sales Price increased to $250,000. In Ticor’s chart attached, there is still a steady increase in overall real estate transactions new home and refinance activity. Builders are still being cautious, not overbuilding, and are acquiring land again. Quality and unique developments are coming onto the market but builders must be cautious not to overprice, stay within an affordable price point, and continue to work with the resale agents. Nevada is still in recovery so it’s important that we don’t make the same mistakes as we did before and create the BUBBLE. Commercial real estate is healthy and is contributing to the real estate market recovery. Some great commercial projects are coming to our market. Stay tuned. Businesses bring jobs…Jobs bring income….Income provides a home…

Out of 775 resale transactions in June, 32% were cash transactions.

related post: Washoe County insured recordings statistics – May 2014

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Compression Art and Fire festival this evening

Come on down to Reno’s City Plaza for the 7th annual Compression Art and Fire Festival. This free and family-friendly event will surely delight. Performances start at 5:00pm and include such things as: hula hoopers, silk aerialists, fire spinners, dancers, artists, art cars, and much more.

For more info see Compression Art and Fire Festival

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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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“Home at Last” mortgage credit program expanded to Nevada’s urban areas

Interested in receiving a $2,000 tax refund at the end of the year? Previously limited to only Nevada rural areas (cities with populations fewer than 150,000 people), the Home at Last Mortgage Credit Certificate program is now available to Nevada’s urban areas. Read the press release below for more details…

FOR IMMEDIATE RELEASE:

New Homeowners in Reno
Could Qualify for $2,000 Annual Tax Refund
With MCC Program

CARSON CITY, NEV (July 21, 2014) – The Nevada Housing Division (NHD) and Nevada Rural Housing Authority (NRHA) have partnered to expand the Home at Last Mortgage Credit Certificate program to the urban areas of Nevada, including Reno, Las Vegas, North Las Vegas and Henderson.

In 2013, nearly 200 families in rural Nevada received tax credit benefits through the Home at Last Mortgage Credit Certificate (MCC) program. With the MCC program, an average homebuyer receives a $2,000 tax refund at the end of the year when the buyer files their taxes, and can be taken every year the borrower lives in the home, for the life of the loan. That’s an average savings of more than $40,000 in mortgage interest over the life of the loan.

Until now, this program has been limited to Nevada cities with populations fewer than 150,000 people, which left out potential homeowners in Nevada’s biggest cities. NHD has allocated $130 million in private activity bond cap to extend the MCC program to the urban areas of Nevada; and anticipates the program will help more than 600 households qualify for a mortgage. NHD will also promote and support the program expansion through its existing relationships and networks.

“When you compare the mission statements of the Nevada Housing Division (NHD) and the Nevada Rural
Housing Authority (NRHA), it’s easy to see why a partnership made sense,” said NRHA Executive Director Gary Longaker. “We’re both committed to improving the quality of life for Nevadans through affordable housing opportunities. This partnership allows us to help even more home buyers throughout the state.”

“The Division is excited to partner with the Nevada Rural Housing Authority to provide the MCC program to veterans and first-time homebuyers in areas of state that did not have access to this program previously,” said Nevada Housing Division Administrator CJ Manthe. “It’s my belief this program will assist individuals and families to qualify for mortgages, which will allow them to live and raise their families here in this great state. Delivering programs like the Mortgage Credit Certificate, along with our First Time Homebuyer program, Teacher’s First Program, and Veteran’s Benefit Program, allows the Housing Division to fulfill our mission of providing affordable housing solutions for all Nevadans. The MCC program is another tool in making owning a home in the State of Nevada a reality.”

To be eligible for the program, one must be a first time homebuyer, meaning they cannot have owned a home in the past three years, and must be purchasing the home as their primary residence, though the first-time homebuyer requirement can be waived for veterans. Households must meet income & purchase price qualifications (varying by county and household size) and normal FHA, VA, Conventional or USDA RD underwriting requirements. Urban area home purchases using the MCC program will be available starting in June. Nevadans can learn more about the MCC program, and get a list of approved lenders, by visiting www.nvrural.org/mcc, emailing HALinfo@nvrural.org.

About the Nevada Housing Division
The Nevada Housing Division was created by the Nevada Legislature in 1975, when it was recognized that a shortage of safe, decent, and sanitary housing existed throughout the State for low- and moderate-income Nevadans. Their mission is to improve quality of life by providing affordable housing opportunities. For more information visit www.housing.nv.gov.

About the Nevada Rural Housing Authority
The Nevada Rural Housing Authority creates hope for the future by providing a full range of housing and community development programs that help build and sustain independent communities. They provide rental support, an innovative home financing program, needs assessments and economic development to Nevada’s fifteen rural counties and the rural portions of Clark and Washoe counties, with a coverage area including 110,000 square miles and more than 1.3 million people. For more information, visit www.nvrural.org.

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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

FCT’s Market Condition Report – June 2014

Our friends at First Centennial Title have released their Market Condition Report for the Reno, Nevada area for the month of June. (Click on the report below to enlarge.)

FCT June 2014 Market Condition Report

related post: FCT’s Market Condition Report – March 2014

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RSAR Monthly Market Report – June 2014

The Reno/Sparks Association of REALTORS® has released its real estate market report for June 2014. The report can be accessed by clicking on the chart below.

number of units sold - June 2014

Commentary from June’s report:

  • June 2014 sales at 548 are the third highest June in history exceeded only by June 2010 (604) and June 2005 (679). June 2010 was the 1st deadline to take advantage of the First time Homebuyers Tax Credit and June 2005 was performing based on lenient lending practices. It’s a good sign that today’s market is performing well without artificial influences.
  • The acceleration in median price has slowed in comparison to the rapid increase that occurred in 2012 and early 2013. Even with the acceleration in price, the market is still 31.5% off the peak from January 2006. The slowing in the acceleration of median price is a positive and more normal trend.
  • New listings are down 8% from the prior month and down 6% from June 2013 but are following the typical seasonal trend.
  • June pending sales were down 8% with 382 compared to 416 in May 2014. Pendingsare a leading indicator of future closed transactions.
  • Buyer demand and low inventory keep the Reno and Fernley areas in a Seller’s market. Reno has 3.7 Month’s Supply of Inventory.
  • With the lack of inventory at the entry-level, those sellers with equity and who are willing to price their home competitively this is an excellent time to sell.
  • According to a July 6th article in The New York Times “… Reno appears poised to turn the corner, according to economist who study the region. Housing prices are slowly starting to rise. The unemployment rate has declined to 7.1%. New technology companies are arriving, and older ones are expanding, including Zulily, an e-commerce company for women and children’s clothing and home décor, which announced plans in May to double its warehouse and hire 600 people.” As quoted from The Times “There are solid reasons to be optimistic about Reno,” said Greg Bird, an economist at Moody’s Analytics. “We’re starting to really see the data turn for them.”
  • “There is a lot of positive things happening and slated to take place in the Truckee Meadows/Fernley area,” commented Reno/Sparks Association President, Mark Ashworth. “We look forward to a continued healthy recovery.”

related post: RSAR Monthly Market Report – May 2014

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