Notices of Defaults continue their climb. February’s NODs for Washoe County totaled 746. Remember, that’s for one month…and a short month at that. Not counting the weekends, that’s 37 NODs A DAY!
February’s 746 NODs represent an 86% increase over February 2008’s 402 NODs; and over three times as many as occurred in February 2007.
New homes sales dropped to 38 for the month; resales increased to 347 for the month; and re-fi’s continue to climb, reaching 883 for the month, a 22% increase over January’s re-fi’s.
As always, we thank our friends at Ticor Title for providing this data. [click on the charts below to enlarge]
Incidentally, this morning’s RGJ reported that out of more than 200 metro areas tracked in the US by RealtyTrac, Reno-Sparks now ranks 8th in the country with the highest foreclosure filing rate.
13 comments
Wow, it looks like the bottom is still a long way to go.
Add to all this good news, the Reno city council voted to loan $1 - 2.5 million a year for 20 years to the Reno Aces stadium developer.
Only one council member voted against. Jeez, I guess Reno doesn’t need anymore money - as they have enough to create their own stimulus package!
“Notices of Defaults continue their climb. February’s NODs for Washoe County totaled 746. Remember, that’s for one month…and a short month at that. Not counting the weekends, that’s 37 NODs A DAY!”
Is this the kind of news that the bottom callers look to for their predictions? Bwahahahahahahaha!!! I do not see any price support in the near future.
Got to agree with BB.
Sometimes it’s too easy to be downbeat, but there’s always good news if you look for it. The slide show at the right of the page is a constant reminder that if anyone here hits the lottery, you won’t have to move out of town in order to make the eager seller of an overpriced $Million+ dream home deliriously happy. I still believe that dreams really can come true right here in Reno, even if it’s just the dream of selling your house.
It’s always sad to see executive home owners who later discover that they weren’t really executive material after all.
on the bright side you could of bought GE at 6.90/share and sold it at 9.70/share
mmm mmm good! NEXT
I smell stucco!
on the bright side BOFA is up over 100% in the last 2 weeks
Gary,
I detect dripping sarcasm from your post, leading me to post some humor on this Friday 13th, especially after such bleak Feb NOD numbers. Since I have a twisted sense of humor, I find the following quotes worth sharing regarding ‘dreams’ of the $1M+ Reno home sellers:
Dreams are like rainbows. Only idiots chase them.
There is no greater joy than soaring high on the wings of your dreams, except maybe the joy of watching a dreamer who has nowhere to land but in the ocean of reality.
They come from http://www.despair.com/viewall.html
which is an absolutely hilarious company and great place to get a reality-check ($1M+ sellers). I have numerous of these in my office… and now, at least one reader of the RRB now knows who I am, and I wish him well in his retirement in St. James!
Funny site there, CommercialLender. The slogan of Demotivators reminds me of the “Lowered Expectations” dating service…
http://www.youtube.com/watch?v=_vNk_j3Z18A
All of which is the perfect tie-in to the current real estate market for sellers. Now we can almost imagine what those last holders of the tulip bulbs must have felt like, so many years ago
Looks like a pretty good deal …
http://listings.listhub.net/pages/NNRMLS/90001934?channel=zillow
But I’m guessing “Agents see private remarks” explains the price … would anyone with access to the private remarks like to share them with the group?
MikeZ,
The private remarks simply point out that this is a bank-owned property and is being sold as-is.
Bank-owned properties are almost always sold as-is. In fact, purchasers of bank-owned properties often have to sign one (or more) bank addendums stating that they understand that the property is being purchased in “as-is” condition.
The buyer may still have the property inspected, but the bank will not pay for any required repairs.
Thanks, guy