Resales up. Re-fis down. And new home sales holding steady. Click on the chart below to see the recordings for the month April.
Thank you to our friends at Ticor Title for providing this data.
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In ’09, Mar to Apr resales jumped 15%
In ’08 (an otherwise horrible year), Mar to Apr resales jumped 20%
This year, with the expiration of a tax credit looming, which should affect most houses selling at/below median, the Mar to Apr “bump” was 4%.
I can’t see how this can bode well.
Jul-Aug stats will be the big tell.
May not have to wait until Aug if this article is any clue:
http://www.bloomberg.com/apps/news?pid=20601087&sid=adSkz7WCGd0o&pos=5
[Guy] Resales up. Re-fis down. And new home sales holding steady.
Hmm. Another month of stability.
Very interesting article Sully, but what’s the relation to Reno?
It may not have anything, yet it may have everything. Do you still think Reno is not immune to any of the things that happen in Las Vegas?
oops drop the not!
[Sully] Do you still think Reno is not immune to any of the things that happen in Las Vegas?
Depends. Reno is certainly immune from the localized market effects pushing Las Vegas, but not immune from statewide and nationwide market influences such as the expired tax credit.
The Metrostudy data deals only and specifically with Phoenix and Las Vegas and even then, only specific subdivisions within each, which implies (to me, your mileage may vary) that these are localized market effects at work.
So the question to YOU is now: Do you think Las Vegas is experiencing localized market effects or wider influences, that will also drive Reno?