The monthly charts from Ticor Title for Washoe County have been delivered (see below). Nothing really jumps out as noteworthy. July resales and filed Notices of Default were essentially unchanged from June’s stats.
Technically July’s filed NODs were less than June’s, but only by two (as in 431 NODs in July compared to 433 NODs in June). Regardless, July extended the number of consecutive months of declining NOD streak to three.
July Resales in Washoe County totaled exactly the same as in June, specifically 491. New home sales declined 5%; from 167 in June to 158 in July.
July’s largest decliner continues to be re-fi’s, dropping another 17% from June’s number. At 588, July’s number of re-fi’s is only a third of the number being done at last year’s peak (1,796 in May 2007).
4 comments
Not trying to be cynical, but you can also say - we now have six straight months of over 400 NOD’s filed. Glass half empty or half full.
Alright, I have a newbie question.
What is going to happen with all that undeveloped land in South Reno that was supposed to be built, along with a new middle school and fire/police station?
When the builders default, what happens to the land? Is it the city/county’s responsibility to maintain because it isn’t developed?
That whole undeveloped stretch along Steamboat looks like a disaster waiting to happen, and quite frankly, I’m very concerned.
MK…I wouldn’t worry about that land. It’s unlikely to get foreclosed on but if it does there really isn’t any maintenance on it anyway. In that event it would probably just go back to the first trust deed holder who would hold it or sell it to someone else. Either way it will probably look like it does now for a while since it’s not likely that anyone will want to start a new project there.
The new middle school and fire station I belive are fully funded. The middle school is almost built to its shell. You can drive over and see it.
Some hedge fund will probably buy up the land..they will sit on till the market gets better then sell it off to home builders..
When the market finally gets rid of all the foreclosures and lenders start lending again..then someone will come back in and finish these projects