I received July’s recording statistics from our friends at Ticor Title today. [Click on the charts below to enlarge].
Accompanying these stats was a note saying that July’s big decrease (25% less than June’s) in filed Notices of Default is an anomaly and is expected to return to the 900-level for August. In fact, as of yesterday [August 20th], there have been 771 NODs filed for the month of August already.
FutureRenoHomebuyer
Considering that July’s big decrease is an anomaly, and August will bring us right back up to record highs, the chart of NOD’s is stunning –even for the very bearish among us.
As long as the trend for NOD’s is upward, how can there be a bottom in the Reno market? These new NOD’s serve to provide a constantly increasing supply of houses to market. Further, these NOD’s represent future supply, as NOD’s typically take several months to get finally auctioned and cleared.
With the seasonal, back to school slowdown nearly upon us, and demand surely to diminish, as normal, over winter, it could be an ugly upcoming 6 months for any homes existing or coming on to the market. Is the final washout nearly upon us?
Jay
interesting site: http://www.fhfa.gov/Default.aspx?Page=216
MSA HPI Comparisons
Four-Quarter Percent Change in FHFA MSA-Level House Price Indexes (All-Transactions Index, 2009Q2)
Year Quarter Reno-Sparks, NV Carson City, NV
2009 2 -17.43 -15.51
2009 1 -16.56 -11.85
2008 4 -16.24 -9.84
2008 3 -15.95 -12.87
2008 2 -12.71 -8.02
2008 1 -10.86 -9.59
2007 4 -8.82 -7.08
2007 3 -7.91 -6.71
2007 2 -5.86 -5.03
2007 1 -4.02 -2.24
2006 4 -1.95 -0.47
2006 3 2.82 2.71
2006 2 7.55 8.77
2006 1 16.66 17.85
2005 4 21.79 17.79
2005 3 23.44 22.81
2005 2 32.55 28.69
2005 1 33.26 28.07