KTVN Channel 2 News aired a piece on the market’s low level of inventory. Yours truly was asked to comment. And this blog got a mention. Check out the video below, or click on this link: Reno Real Estate: About to Change Direction?
Thank you John Potter and KTVN Channel 2 News
Reno-Sparks’ lack of inventory in the news
[…] KTVN Channel 2 News aired a piece on the market’s low level of inventory. Yours truly was asked to comment. And this blog got a mention. Check out the video below, or click on this link: Reno Real Estate: About … Continue reading → […]
Walter
Good work, Guy. Another example of a valuable blog gaining readership. Thanks for the work.
Jennifer Fortune
Guy, this is crazy how your Reno market is changing, it is still a buyer’s market here in Lake Tahoe however maybe we will follow suit
Walter
Actually, on second thought, it seems that the readership on this blog has been dropping quite a bit over recent weeks. The average post garners about 8 or 9 comments, if that, and half of them are from somebody pretending to be somebody else.
Dirtbagger
Have been a blog reader for years, but have pretty much quit posting. How many times can you keep rehashing the same topics?
Twister
With inventory so low and a tightening market, I wonder if AB284 may begin to be helping the banks or at least not as bad as it looked initially. The comparison now is the banks are looking at a short sale in a rising market vs. a foreclosure and a ransacked home in a falling market six months ago. They can get much closer to market when they do a short sale vs. a foreclosure, so with rising prices the % increase in sale price over a foreclosure in a falling market increases dramatically. When their was a glut of inventory, a short sale must have looked like an impossible task vs. a foreclosure but now with such high buyer demand and rising prices its got to look a lot better for them. I hope someone from the banking industry can shed some light on this subject.
Carney
The problem that AB 284 creates is this:
Mr. and Mrs. Joe Sixpack are not paying their mortgage. They really love being able to stiff their lender and live for free. They delight knowing that now their lender cannot foreclose on them. The absolute last thing in the world they intend to do is sell the house. Hell, if they sold the house they would have to move some place where they actually have to pay rent. Why the hell would they want to do that? Mr. and Mrs. JSP will not contact their lender about a short sale. Ever. These people are not going to leave until the sheriff comes and evicts them.
How many thousands of these cases are there out there now in Reno/Sparks? There were about 500 NODs a month being recorded before AB 284. How many thousands of these houses will, eventually, when AB 284 is amended, be brought to the market as REOs?
Sheepherder
That’s a pretty good description Carney.
AB 284 has thrown a huge artifical wrench into the normal workings of the market. The market is going to be artificially delayed two years in the working out of all the bad loans.
Meanwhile, when prices rise, which they must inevitably do because of the artificial intervention, the realtor industry will proclaim the bottom to have been reached and its smooth sailing from here. IF the foreclosures had ended because of normal market processes, that would be true. But the foreclosures have now temporarily ended only because of an artificial monkey wrench. The market did not heal itself overnight at midnight on October 1, 2011. Thousands of delinquent loans will eventually be foreclosed upon, and when they are, its going to look like 2009-2010 all over the State of Nevada.
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