Yikes. The report eventually tracks back to Q2 data from the US Treasury if you follow the links, and the data only covers 64% of all mortgages. For every current REO, there are 9 more in the foreclosure pipeline. The parts of the report I plowed through also cited the increase in work-outs, and depressing statistics on how work-outs have been working out. I haven’t tracked this report historically and have some questions about what the raw numbers really mean, but still sobering. Now for out next trick, Q3!
September and Q3 are over here in Washoe. What’s you gut on NOD/NOS/TD trends?
NODS declined to 930 from August’s 1068. NOSs declined to 659 from 757. TDs decline to 300 from 329. The Nihilist in me notes that September is a short month. The Homeowner in me is relieved by the overall downward trend on the loss of my equity. The Mathematician is having toss and turn nights adding up the NOSs that aren’t becoming TDs. The Machiavellian side is wishing that I was cashed up and could be like Page Ventures (check out their recent activity). The Dog Owner side of me just got emphatically told it is time to log off this post and do leg lifts around the neighborhood.
PS: RGJ article on Declining School Enrollment loosly correlated to foreclosure hotbeds. A bit of insight on the "where did they go" discussion?
Downtownjunkie
Future:
This is the best thing that could have happened for downtown. I would definitely be interested in moving back at these prices.
Ralph D Bredahl
That is a scary number but how many homes are not in foreclosure?
bob c
semi off the subject: please respond
—excluding real estate forecasts what are the
best relative bargains in reno right now—
montage could fit that bill
fallen leaf short sales at 140 are 60%+ off peak
what are the best non attached bargains?
Worried Guy
I do not understand how in the world these banks and individuals are going to be able to sell these homes with the current property tax problem in Reno and Nevada. There are some properties attempting to be liquidated between $300-$400K in Reno that have as high as $10K annual property tax. Unless the NV Legislature plans on the banks paying local county taxes forever (which is not a given), these homes will just sit on the market with no future owners until the Legislature reverts the property tax system back to a transaction basis.
Sully
Washoe County was just ordered to pay some $13 million in property tax back to Incline and Crystal Bay homeowners.
Don’t hold your breath waiting for them to do it across the board. I’m not sure they have money to make the refund, much less lowering taxes for everyone.
Worried Guy
Well then these homes will just sit with no future owners. The only way these homes will sell is if the banks fire sell them way-way below current comps to offset the enormous problem with future property tax liabilities. NV Legislature really miscalculated on this one in 2005. They automatically assumed they could cap in those property taxes and people would not walk. Ooops.
GreenNV
Here’s a link from inclinejj about the Incline tax situation, and some interesting musings on the entire Nevada property tax situation: http://www.tahoebonanza.com/article/20091007/NEWS/910059992/1001/NONE&parentprofile=1050
Worried Guy
Great article, GreenNV..Sums up everything I have said here. The fact is that if NV does not move over to a market based transactional property tax system soon, the price of these homes are going to get shredded worse than would be otherwise just from the credit bubble burst issue.
DownButNotOut
Taxes have to come from somewhere. If there’s no State Income tax, it can’t continually be offset by the casino taxes, at least not when their down. Oregon has no sales tax. Unfortunately they pay higher property tax.
skeptical
If a person with an avg high school education can’t figure out why a given property has a given property tax bill, it’s probably taxation without representation and arbitrary in nature.
I’m not one of these birther or teabag nutjobs, and I believe taxes are an unfortunate necessity of life. But Nevada’s property taxes are probably not constitutional and are in dire need of revision. Nevada better be proactive, or it risks losing tens of millions, minimum, in lawsuits like the one at Incline. FWIW.