A couple related articles came my way from different sources this morning:
Today’s RGJ reported on a just-released RealtyTrac report placing Reno-Sparks at 13th nationwide in foreclosure-related activity for the first half of the year. Read it here: Distressed homes soar
Reno’s current ranking of 13th is a huge move up (down?) from Reno-Sparks rank of 27th for the same period last year. According to the RealtyTrac report 6,515 properties in Reno-Sparks received a foreclosure-related filing between January and June; and represent an 89% increase over the first half of 2008.
To see the original RealtyTrac report (and the ranking of all 203 metro areas), click here:
SUN BELT DOMINATES FIRST HALF 2009 FORECLOSURE RANKINGS BUT UNEMPLOYMENT-RELATED FORECLOSURES MAY BE SPREADING
The other article was forwarded to me by blog reader, CommercialLender. The article comes from the Calculated Risk Blog. Here is the post:
Hope Now: Mortgage Loss Mitigation Statistics
CommercialLender comments:
“This is an interesting article for 2 reasons:
1) it shows the national ‘lag time’ of foreclosure starts to finishes, thus how many foreclosures are in process per month (possible leading indicator on inventory). Despite recent sale trends, the ‘gap’ appears to be widening, still.
2) it shows there are many more prime loans 60+ days late than subprime, due to the shear volume of primes versus subprimes, but still its a very telling stat given we are headed into more unemployment and more prime resets, not to mention a slowing buying season.”
Sully
Guy, in talking to a local realtor today I was told that banks are starting to hold back on listing their foreclosures. Presumably because they are competing with themselves and hope to starve off any further decline in prices by waiting…..
Has there been similar talk around your office regarding this recent change in bank attitudes?
I’m wondering if they know something the rest of us don’t, such as even more bailout money coming out of Washington. That wouldn’t surprise me in the least, as Congress seems hell bent on keeping these idiots solvent! 🙂
Guy Johnson
Sully, I’ve heard similar theories, but no one knows for sure what the banks are doing. It’s clear there is a lot of foreclosure inventory sitting somewhere and not listed.
Reno Ignoramus
Not only are there many houses that have been taken into REO that are not on the MLS, but there are also a lot of what I call MIA NODs and NOSs.These are the NODs that never turn into NOSs and the NOSs that never turn into TDs. I know that there are cancellations, but the number of cancellations simply do not account for all the MIAs.
Reno Realty Blog: Reno Real Estate, Market & Trends, Nevada … | Free Foreclosure Doctor
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pogg
I know of one homedebtor who stopped making payments a year ago and she is still in her home. And she is not stressed out thinking she will have to move anytime real soon.
I know of another couple who moved in from out of state in 2005 and bought almost exactly at the market’s top in 2006. They could continue to make their payments and refused to. This couple knew their Bordertown/Stead area home was around $100,000 underwater. They mailed in the keys and are now happily taking advantage of the very weak rental market.
As for local commercial real estate disasters, the Summit will be the “tip of the spear”, the worst of the worst, eventually. Glorified strip mall with a very shaky anchor, Dillards.
billddrummer
To pogg,
I too was caught in the swoon and was able to stay in my home long after I quit paying the mortgage. It didn’t give me any cash economic benefit because I was looking for work most of the time I waited for the bank to take back the property. Altogether, it was around 9 months.
Now I’m enjoying the weak rental market.