As Nevada leads the nation in foreclosures for the time being, scammers have emerged with all kinds of crazy schemes to allegedly save troubled homeowners. Don’t become a victim.
Think the foreclosure situation doesn’t affect you? As the housing market slows statewide, the ripple effects are becoming more and more obvious for business and government.
And is wholesale lending perhaps on its deathbed?
Meanwhile, for three days only, Oct 19-21, Pulte plans to offer "shocking incentives" on their Reno/Sacramento inventory, and no payments for 12 months, according to their email blast.
Just for fun, here is another housing prediction, this one from Lou Barnes writing for Inman News: "A lot of good historical and current data
suggest that bottom in housing sales and prices is not far away —
maybe a year. Recovery is a different matter. In the bubble zones, as
in inventories worked off and appreciation restored…? Try a minimum
of five years, in many … 10. Minimum. That lesson lies in the
MSA-by-MSA history at www.ofheo.gov.
"The foreclosure top? Probably five years — not minimum, but likely.
The best data is in my backyard. After two lovely booms, 1974-83 and
1991-2001, Colorado’s two foreclosure countercycles took a little more
than five years from boom-end/price-peak to foreclosure top. The good
news: Foreclosures even in the annual range of 4 percent of households
seem to do little damage to the local economy. So it has been here."
Given recent drops in market value, one astute reader comments: "I was looking at my tax assessor statement today, and tonight was wondering if we should all expect refunds. We were taxed for the 2007-2008 tax year, on the THEN current assessed value. But seeing that our homes have declined in value by 15-20%, we are all now over-taxed. If we all start making a public stink over it, do you think we will see a rebate, LOL?!?"
Thanks to Reno Ignoramus and Incline Jim for the links.
Thesa Chambers | Broker | Sunriver Realty
Warning folks of the scams that will come with the additional foreclosures is a huge help to your clients.
StJoe
The Wall Street Journal on 10/18/07 on page D1 had an article explaining how many buyers are just walking away from their real estate and mortgages.
SJ
Ann O.
I heard today, from a friend of a local business owner, that the business owner advertised on the Reno Craig’s list for a receptionist a few weeks ago. He received about 80 applications, and a third were from real estate agents.
NAS
re: receptionist applications.
Nothing wrong with this line of work, but usually an entry level position. How many agents will be asking for their old jobs back at the used car lot?
Diane, Guy and a number of agents are the exception, but as a whole, the “profession” has earned themselves a less than stellar reputation.
Buyer beware.
stjoe
Here is an interesting news story off of YouTube. If you think it is bad now, just be glad you are not living in California:
http://www.youtube.com/watch?v=QVFBojFJTZM
Reno Ignoramus
I have a question for Diane or Guy or perhaps GreenNV. My question is this: is a transfer to a bank under a trustee’s deed after a foreclosure counted as a “sale” in the monthly reported sales figures we get on this blog? For example, if last month there was X number of sales reported, does X include all the trustee’s deeds that were recorded last month?
Thanks in advance to whomever may know the answer.
NAS
Anyone notice Pulte Homes nationally advertised “Monster Sale” over the next three days?
GreenNV
RI, the monthly sales figures I track are based on Assessor’s data – Trustee’s Deeds are not counted as a sale by the Assessor. My understanding is that Diane and Guy use MLS data, which is reported by the agent to the MLS database. I’m pretty sure TDs would not show up here.
Guy reported 258 sales for September, and trending down. There were 72 TDs, trending up. My graph shows sales = TD’s somewhere near the first of the year!
Reno Ignoramus
Thanks, GreenNV. Do you really think that the number of trustees deeds will be equal to the number of sales as soon as early next year?? Thank would be quite remarkable and surely a never before seen event in the history of the Reno real estate market. Not even the last time we saw a significant decline in property values in Reno in the early 80s did that happen.
GreenNV
Graphics can be misleading, but the trendoids here are worth noting. TDs for October are estimated based on activity so far this month. Mid month estimates from Guy show (my reading) the market finding some traction, volume wise.
Sorry that I can’t post the graph directly, and hope it works remotely. We are using the blog sites for WAY more data transfer than they were designed for. BLOG 3.0?
http://www.mediafire.com/?agctetxctbt
dj
I think that last time Pulte had a sale they sold all 12 houses marked down in three days.
While the prices are a lot lower per sqft that a few years ago, it does seem that the market is not completely dead. There are buyers at this reduced price point.
stop home foreclosure
People bought more house than they could actually afford, I think. Now the chips will fall where they may.