By the looks of the graph below monthly Notices of Default may be stabilizing around the mid-700s per month. How long can this level be sustained? Well, according to today’s front page article in the RGJ 48.5 percent of Reno area homeowners are under water; placing Reno-Sparks 4th in nation for negative equity. So, I suppose we’ve a ways to go.
The other chart below shows April re-fis taking a sharp drop from March’s re-fis; however April recorded resales continue to climb; posting a 14% increase over March’s number of sales, and a 27% increase in Y-o-Y resales.
click on the charts to enlarge