There’s been much discussion on the blog recently about distressed properties (bank owned, short sales, court sales, etc). Currently, these types of listings account for over 40% of the properties listed on our MLS and 50% of the sales in the last thirty days.
I recently overheard a couple agents commenting about the high number of short sales in Sparks. Curious, I decided to query the MLS and break out distressed properties by MLS area to determine if a large variability between MLS areas exists, and if so, by how much.
The table below shows what I found.
|
MLS # |
MLS Area |
total listings |
"distressed" listings % |
non-distressed listings % |
|
180 |
Sparks |
206 |
65.0% |
35.0% |
|
181 |
Sparks – East |
208 |
59.4% |
40.6% |
|
182 |
Sparks – Suburban |
184 |
56.4% |
43.6% |
|
103 |
North Valleys |
1079 |
55.0% |
45.0% |
|
140 |
Southeast |
133 |
53.8% |
46.2% |
|
109 |
Spanish Springs |
1473 |
53.5% |
46.5% |
|
143 |
South Meadows |
247 |
46.6% |
53.4% |
|
121 |
Northwest Suburban |
184 |
45.4% |
54.6% |
|
119 |
North |
204 |
45.3% |
54.7% |
|
141 |
Donner Springs |
105 |
44.8% |
55.2% |
|
123 |
West Suburban |
16 |
37.5% |
62.5% |
|
122 |
Somersett |
145 |
32.4% |
67.6% |
|
120 |
Northwest |
191 |
28.4% |
71.6% |
|
164 |
Old South Suburban |
66 |
21.2% |
78.8% |
|
163 |
Southwest |
307 |
20.7% |
79.3% |
|
142 |
Hidden Valley |
53 |
18.9% |
81.1% |
|
165 |
South Suburban |
221 |
17.6% |
82.4% |
|
160 |
Old Southwest |
145 |
15.9% |
84.1% |
|
161 |
West Southwest |
122 |
11.5% |
88.5% |
|
171 |
Southwest Suburban |
134 |
9.0% |
91.0% |
Click here for a map of our MLS areas.
As you can see from the table above, Sparks leads the area with 65% of the listings having some type of special condition to the sale; followed by the North Valleys (55%); Southeast Reno (53.8%) and Spanish Springs (53.5%).
Those areas with the least proportion of distressed properties include: Southwest Suburban (9.0%); West Southwest (11.5%); Old Southwest (15.9%); and South Suburban (17.6%).
Data courtesy of the Northern Nevada Regional MLS (NNRMLS) – August 2008
DonC
Big news of the day: Fed is moving to take control of Fannie and Freddie.
http://biz.yahoo.com/ap/080905/mortgage_giants_crisis.html
BanteringBear
Just read that too, DonC. That’s huge. Taxpayers, get ready to pay for all of the bankers greedy ways! If you’re up in arms, start writing your state senators and representatives. Time to hold the PTB accountable.
DonC
The way it gets structured will be a very big deal. I haven’t seen any information on that. Most of the preferred shareholders are regional banks and S&Ls which are probably not in a great position to absorb the losses if their shares are suddenly worthless.
Then there is the $20B in subordinated debt. I don’t know which entities own that. And then there are the credit swaps on that debt, involving all the guys who bet the debt was going into default (not actually holding any of the debt) and all the issuers which wrote insurance that it wouldn’t. Not sure what an insurable event is, but one side or the other of the swaps is going to bleed big time.
The credit swap market just got out of hand, going from a derivative which reduced risk to a betting parlor.
Ugly. Very ugly.