Washoe County recordings for September have been compiled and released by our friends at Ticor Title of Nevada, Inc. Refis continue to climb, hitting a thirteen month high. Additionally, both new home sales and resales increased for the month.
Click on the chart below to enlarge.
skeptical
It’ll be interesting to see if these numbers fall off a cliff next month, with foreclosure fraud/document crisis bringing things to a halt….
smarten
And if they don’t Skeptical, with foreclosure fraud/the document crisis as you point out, I guess it WON’T be interesting. Or maybe it will be interesting to everyone but a permabear?
Watch for unit sales to drop and the median sales price to increase. Will that be interesting Skeptical or yet another anomaly?
Libero
The so-called “foreclosure fraud/document crisis” is nonexistent in Washoe County. NODs have not been changed in any noticeable way. They are not up, or down, from where they have been for the past 2 years.
skeptical
Woah,
If you really think that the foreclosure fraud mess is irrelevant, then there’s really no basis for further discussion. This thing is BIG, and should give pause to anyone considering buying a distressed property.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/10/21_Stephen_Meister.html
This issue will have a significant impact upon real estate and a significant impact upon the psychology of buyers. I would not want to be buying (or selling) a house in this market, with this additional uncertainty. They can’t even find the original notes….
skeptical
Nah,
no problems at all.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/10/20_Jim_Rickards_files/Jim%20Rickards%2010%3A20%3A2010.mp3
Paul
If title insurance companies become unwilling to insure properties with foreclosures in the chain of title because of the legal risk, a significant number of properties will become unlendable and therefore unsaleable to the majority of buyers who need financing to buy a house. This would have the effect of reducing the housing supply and could put upward pressure on prices (or at least reduce the downward pressure). I think that there will be legislation passed to prevent this, however.
billddrummer
I spoke with a representative from a local title company who said that the problems were concentrated in states requiring judicial foreclosure actions.
In the vast majority of Nevada recordings, a foreclosure action can be initiated through nonjudicial channels.
Not to say that this won’t be a problem here, just that it won’t be as pervasive as in other states such as Florida and New York.
LikeBigBottoms
This absolutely, positively, must be the bottom. Katy bar the doors! I’m buyin’ me a house.
http://www.clearcapital.com/company/pr_details.cfm?source=patrick.net&position=30686#header
MikeZ
Oh oh …
http://www.economist.com/blogs/freeexchange/2010/10/housing_markets
The storm clouds have been gathering for months. Almost immediately after the expiration of the government’s tax credit for homebuyers, it became clear that American housing market stability had been remarkably dependent on the generous subsidy.
Data on mortgage applications for purchase and new and existing home sales attested to a striking contraction in housing market activity. And eventually prices began to follow. In July, both of the national home price indexes published by S&P/Case-Shiller ticked downward after rising for much of the previous year. Data released this morning indicated that declines accelerated in August.
…
(continued at URL; shouldn’t require membership to read)