The good news is that it was a short month.  We have been under varying degrees of "foreclosure moratoriums" from Fannie, Freddie, FHA, and the last banks standing.  Surely the madness must have finally stopped?
Gross NODs (bank and HOA filings) rose to 891 from 790 in January (+9%), and from 424 in February 2008.  NOSs […]

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The U.S. Department of Housing and Urban Development (HUD) has released the new FHA and conforming loan limits based on changes enacted last week as part of the massive economic stimulus bill.  For most areas the limits have returned to last year’s higher level.  The limits had previously decreased as of January 1st.
To find the […]

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The graph above shows the proportion of monthly sales made up of bank-owned properties over the past few months. [Note: I would have pulled data farther back, except the fields denoting bank-owned and short sale had only been recently introduced and not uniformly utilized prior to March of last year.]  The meteoric rise in bank-owned […]

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Our friends at First Centennial Title have provided January’s Market Condition Report below.
Reno’s "market speed" metric slowed way down in January.  The market speed for Reno is currently 13; down from 18 in December; and 19 in November.  The MCR defines Market Speed as the measure of the rate of conversion of listings to closings. […]

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Welcome to my newly simplified monthly sales report by price band. I hope you find this format more useful. Since prices have come down so significantly since I started tracking local housing numbers in 2005, revised price bands reflect our new reality.
 
In January prices were down, but unit sales were up as the under […]

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Leventina was purchased in April 2006 for $610,000.  It had been on the market for a long time at $680,000, so it looked like a good deal.  80% first loan at 7.25% interest only, and a 20% second.  In January 2007, our friends at BNC Mortgage did a refi for $710,000 at 9.025%, 50 year […]

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Sorry for the lapse in new posts on the blog.  I have friends from the bay area visiting and staying in Incline Village, so I’ve joined them in taking advantage of the awesome snow conditions to do some snowboarding over the last few days.  And you thought all I did was sell real estate.  :)
But today […]

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The Belvedere - Scheduled for the courthouse steps next Tuesday at 11 AM.   Estimated due at sales date is $28,858,616.34, and there is another default behind this one for $15,900,000.  This may be the South Tower only - there are so many players involved that it is hard to keep them all straight.  The vacant […]

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Notices of Default spiked big for January.  675 filed NODs in January represents a 17% increase over December’s number of NODs, and is more than double the number of NODs filed for the same period last year.  Will it ever stop?
New home sales in January dropped 48% from December’s 83 new home sales.  January’s paltry […]

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Gonowabie is a magical little street in Crystal Bay.   The name is even magically fun to say.  The even numbered houses are lakefront, and the views are unparalleled.  They’re not making any more lakefront, right?  Not the sort of place you would expect to see a Notice of Default show up.
The house I’m talking about is […]

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