February’s NODs topped 400 for the month of February. This represents another new high. Resales were also slightly higher (309 in February compared to 295 in January). The most dramatic jump, though, occurred with re-fi’s. Re-finances increased 31% month-over-month (1,122 in February compared to 854 in January). Click on the charts below to enlarge.
These charts provided by our friends at Ticor Title.
Diane CohnA creative strategist, Diane uses every angle she can to get the best deal possible for her clients. “I know the market. Trends, numbers, what’s happening on the street. I use it all to my client’s advantage,” she says. Diane earned her BA from the University of California and is an accredited ABR, SRES.
Guy JohnsonA successful prior business owner, Guy brings to the table twenty-plus years of exceeding client expectations. “Listening closely to my clients is the most important step to meeting their needs,” he says. A former Chicagoan, Guy earned his MBA from the University of Illinois.
JoAnn CorrieraJoAnn Corriera is one of Reno’s top-producing real estate agents. She credits her take-charge, pioneering spirit and determination to deliver the positive solutions clients are looking for. JoAnn offers the market expertise and marketing skills that generate top results whether clients are buying or selling.
Mike McGonagleAn architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective. Yet another Chicagoan, Mike earned his MArch from Harvard University.
10 comments
NODs are on pace to break 500 this month, up about 15% from February. NOSs look like they will end up at about 200, down 20%. TDs are trending to about 130, up 30% from February, but down 35% from the January spike.
My read: The banks won’t talk to you about a work-out unless you are in default, and so a lot of homeowners are being “forced” into default to move the process forward. The falling NOS numbers and relatively stable TD counts indicate that there ARE work-outs and refi’s happening, and TICOR’s numbers back that up. Is restructuring these mortgages a wise thing (for either party) long term?
I see where Dickson Realty has started up the first foreclosure bus tour in Reno. They say they are going to focus primarily in the $300K and under market segment. Funny, I remember at the end of 2004 how sooooo many realtors in Reno were saying that the era of the $300K house in Reno was gone forever. They said that if a person wanted to find a house under $300K he had to go to Fernley. If I recall correctly, that was because there were so many Rich Californians coming here that our prices would ascend into the stratosphere forever. Isn’t it interesting when these local real estate legends get debunked for the nonsense that they are.
Gonna be a short bus ride.
That’s pretty funny about not being able to buy a house in Reno for under $300K. There are more than 1,300 houses on the Reno-Sparks MLS under $300K. And that is just SFR, it does not include the hundreds and hundreds and hundreds of condos under $300K. There appears to be quite a selection of bank owned houses and short sales in the under $300K range. So maybe it won’t be such a short bus ride.
Slowly, but surely, housing prices in Reno-Sparks are returning to some semblance of normal in terms of the household income:price ratio. We still have a substantial ways to go, but the comment that you have to go to Fernley to buy under $300K has become now an absurdity.
RI posted:
“Funny, I remember at the end of 2004 how sooooo many realtors in Reno were saying that the era of the $300K house in Reno was gone forever.”
With all due respect to Diane, Guy, and the other few handfuls of honest, decent Realtors out there, the “profession” (and I use that extremely loosely) has very little credibility left. The damage done by the likes of David Lereah and Lawrence Yun, all the way down to the seediest used house salesperson in Gary, Indiana, is too severe to ever fully recover from. And, even if it were possible for the industry to save face, their fate has already been sealed by the emergence of new technologies, destined to cut the middleman out as they bring buyers and sellers together in a much more affordable manner. It’s just a matter of time.
While prices continue to erode, with foreclosures a plenty, it seems that many used house salespeople, some of them quite seasoned, are having a hard time accepting the cold hard facts. Time and again I come upon listings with fantasy prices which are so delusional that they defy logic. A recent search of mine turned up mls #70019319. I strongly recommend a viewing for some comic relief. I certainly had quite a hearty laugh.
1300 houses under $300K. Hundreds more condos under $300K. That means about 45% or so of the entire Reno-Sparks market is priced under $300K. And yet, from much of the discussion on this blog, you’d think Reno was Marin North. Maybe it’s just more fun to talk about the $1.5 million houses in Montreux and elsewhere there, even though they comprise about .03% of the market in Reno-Sparks.
That’s >300K before the 100K for new kitchen, floors and wall damage?????
As a recent transplant to Reno, I look around this city and see old, run-down houses with neglected yards in shabby neighborhoods or newer tract houses built on flood plains, electric wires strung all over like cobwebs, crumbling roads. Take a look around with objective eyes. I wouldn’t buy until the price gets down to where it better reflects the surroundings, and that 300K price has to come down to 200K or less (2002 prices is too much to ask for?). I’m not ragging on Reno; I think the people are pretty nice and its economy isn’t focused solely on the gambling industry. But get real, Reno.
NOD’s > 400 ! Me thinks Dickson Realty may be on to something in following
California’s “Flop that house” tours.
The wheels on the bus go round and round.
Has Ticor updated their charts through March? What quantitites were reported for new home and resales for last month?