Below are Washoe County’s insured recording statistics for the month of May. Recording statistics are provided by our friends at Ticor Title.
Click on the image below to enlarge…
- Resales jumped up in May and are at a level not seen since September last year
- Re-fis continue to skyrocket, and are now at a level not seen since mid-2009
- New home sale remain steady – continuing a slight upward trend
Related post: Washoe County insured recording statistics – April 2012
Twister
I wonder if the sharp move up in the # of re-fis recently is mostly due to rising home values? More homeowners gaining equity putting them in a better position to re-fi. If thats the case then that could mean individuals homes are gaining value more then slightly and not just the median price in general because of whats selling.
Anna
i bet the refi’s are due to harp 2.0. i am a recent recipient and my new mortgage company can not keep up with the refi demand– all harp 2.0. loans. they have more than doubled their staff and still can’t keep up.
MikeZ
? Are home values rising? I don’t see it.
I know 3 people who refinanced or are in the process right now, all did it to move to better rates. None of the 3 took out equity.
bonanza
“Are home values rising? I don’t see it.”
Yes they are. Wait until next month. Then you will clearly see it. Or just look at the listings now. There is hardly anything available under $350,000 that doesn’t have a pending offer. I just sold my house for $25,000 more than I paid for it 18 months ago. Now I wonder if I should have waited another month or two.
Sully
MikeZ, we’re back into that supply/demand thingy! I looked at a homepath REO about 2 weeks ago, was working up an offer and they removed the listing. As bonanza said, there is very little available under 350K (at least that I’m interested in) and the ones that come out seem to have an offer within minutes.
If the intent of AB284 was to put a halt to the massive foreclosure wave, then it is working just fine. It’s possible we are seeing another rally like we saw in 2009. Interest rates have fallen to all time lows, for those that can get them. Bank interest is none existent, Europe is on the verge of another world war, etc. If it’s too good to be true, than it probably is.
In the meantime, nothing has been seriously done to fix, correct or otherwise deal with the original problems that caused this crisis in the first place. So, while we are seeing a rise in sales prices, it is more than likely just a temporary blip that will reverse. Nothing goes on forever, including the FED, at some point the system will reset. It always has and always will.
Twister
The only massive wave I see coming is the massive wave of regret that comes to those who failed to see and act on a once in a lifetime buying opportunity in our real estate market!
Washoe County insured recording statistics – June 2012 | RRB Home
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Chris Winn
Seasonal trending could be affecting it too:
http://trends.truliablog.com/2012/03/springtime-for-housing/
Also, trend behavior visually:
http://www.zillow.com/local-info/NV-Reno-home-value/r_13478/
Try “value per sq. ft. ($)” which is mostly flat over the last year but definitely better than the 5 year chart motion which was downward, and “sale price per sq. ft. ($)” which shows the uptick over the past few months. However, I would tend to agree that the market is a lot more stable, with seasonal adjustment it is “at least flat” and I foresee certain areas have another 5-10% to drop, but even with that risk I am thinking it’s worth it. The inventory action is showing that short sales are being sucked up quickly now with less foreclosures which I think helps buffer price reductions; there is a possibility that profit taking could occur and drop the price (“rebound”), and I think in the off season prices will drop a bit too. The point is not to predict the bottom, the point is to be close enough – I think we are getting close, at least from an investment and risk standpoint, meaning “even if it does drop some more, the rental income will cover the mortgage and I’m still safe”.