The number of NOD’s continued to climb as expected in September although inventory levels appear to be dropping and will continue downward as the holiday season approaches. However, with growing uncertainty facing our financial markets and the growing numbers of distressed properties in the marketplace brings about the question of, will prices stabilize sometime in 2009?
Information provided by Jud Klinger of Datasource (www.datasourcenev.com).
BanteringBear
“However, with growing uncertainty facing our financial markets and the growing numbers of distressed properties in the marketplace brings about the question of, will prices stabilize sometime in 2009?”
No.
Sully
Seeing how the gov’t has the worst past performance record of anyone, don’t expect prices to stablize until they get out of the way.
No matter how much they spend trying to bottom out market, its still the buyer that controls the outcome.
So this could take a decade or more, if they decide to stay in the game.
GreenNV
Datasource tracks gross NODs off the Assessor’s site (like I do), whereas TICOR tracks net NODs – lender filings on actual properties. A year ago this wouldn’t have made much difference. NODs from HOAs now make up about 28% of the gross NOD figures – 165 of the 587 from Datasource’s September figures. Hard NODs actually peaked in April at 457 and have slowly tapered off to the current 422.
From the RGJ today http://news.rgj.com/apps/pbcs.dll/article?AID=2008810230347 “We’ve already sold more homes in the first three quarters of 2008 than we did the entire year of 2007,” said Wayne Capurro, president of the Reno/Sparks Association of Realtors. “We’re on pace to exceed the number of stick-built home sales in Reno and Sparks last year by over a thousand units.” Am I missing something or is Wayne on crack again? What part of -23% YTD from 2007 is so hard to understand?
BanteringBear
“Am I missing something or is Wayne on crack again? What part of -23% YTD from 2007 is so hard to understand?”
Apparently crack proved too pedestrian for Wayne, so he moved onto PCP. Nothing else would explain such hallucinations.
Marla
Once again total lack of any independent analysis from the RGJ. Mr Capurro could say that he expects that the median price of condos on Sun Valley Blvd. will exceed the median cost of condos in New York City and the RGJ “reporter” would swallow it. Absolutely not a wit of independent thinking. What a sorry sorry excuse of a newspaper. Makes me wonder how accurate the “reporting” is on other subjects.
Future Buyer
Global recession + higher taxes + more government-the high end market hasn’t even begun to understand where this is heading! I just wonder how long the “reluctant renters” are going to keep renting their homes out, rather than sell at current prices in hopes of a market turnaround?
Inclinejj
Lenders who knew they where going be bought out or merged stopped processing foreclosures..some just processed them thru the system at a snails pace..
I know one lender is 8 months behind..that means the homeowners gets to stay in the house for another 8 extra months..think they will hide aways some cash in them 8 months..I doubt it