A few housing headlines that came across my desk today…
- from Bloomberg.com: Homebuilder Confidence In U.S. Increases To Five-Year High
- from RealtyTimes: Home Prices on the Rise While Mortgage Rates Remain Low
- from USA TODAY: If you can pull it off, a house is a smart investment
- from the RGJ: Realtor.com: Reno median list prices increase, inventory sees dramatic decrease
WannaBeFirstTimeHomeBuyer
Just wondering how long people think it will take before local articles come across Guy’s desk saying banks find “personal knowledge”, NODs soar, inventory sees dramatic increase, Nevada home prices on the fall?
As much as I want to buy a house, I just can’t believe now is the time in Nevada.
Don
To WannaBe,
I believe you are correct in your assumptions and that in the next month or two we will definitely start seeing a downtrend. I’m waiting for the 1st quarter of 2013 to be our best opportunity to buy. Interest rates may be a tad higher ( 1/2% or so ) but asking prices should be similar or lower than last quarter of 2011. That’s up to 30% less than today. I am already seeing more foreclosures being listed and asking prices reducing everyday. Investors & speculators are drying up who have been driving up our market.
Twister
I dont see a downtrend in prices starting anytime soon. Foreclosure sales have dropped to below 20% of all sales now and I think we will be in this AB284 void for the remainder of the year. The recent increase in NODs probably wont show up in foreclosure numbers until very late this year or early next year and even then it wont be an overwhelming number. The days on the market are in a downward trend and that I think leads to higher prices or at least stable prices after the big move weve just seen.
DownButNotOut
‘while mortgage rates stay low ‘. Want to see the whole market crash once again? Wait until rates start to go up, and they will, most likely beginning right after the election. How many out ther have ARM’s? Can you afford a 7.5% rate? I don’t think so. We’ll be starting this all over again, only this time it’ll include more commercial RE.
Matthew
Because of the way our state legislature is structured, AB284 cannot be easily changed until the session enaction in October 2013.
And as far as rates go: the fed has pledged to keep them low at least through 2013. The low rates, though, cause a great deal of stagnation in the long-term. The near-zero federal rates have directly caused the increase in demand for other asset classes as real rates are negative and banks are currently exempted from GAAP on their mortgage assets. We never seem to learn about this artificial lowering of lending rates: TANSTAAFL.
MikeZ
It looks to me like Reno SFH home prices have been stable for a good 6-12 months now and MIGHT be trending upward, gradually.
booch221
Here’s another headline:
Will short sales hit home prices?
On Tuesday, the Federal Housing Finance Agency announced new guidelines that are supposed to make it easier for home owners to sell their properties in a short sale — when a home sells for less than the borrower owes on the mortgage.
In addition, the new guidelines, which kick in on Nov. 1, allow owners with a Fannie Mae or Freddie Mac mortgage to pursue a short sale even if they haven’t fallen behind on their mortgage payments but have a hardship, such as a job loss or divorce.