Washoe County foreclosure-related recordings – October 2013

Below are Washoe County Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for October 2013 provided to us by our friends at Ticor Title of Nevada, Inc. As expected the number of NODs filed in October dropped back to their pre-September range. [Click on the chart below to enlarge.]

Ticor Title’s commentary accompanying the statistics…

Notice of Defaults (NOD) had a SIGNIFICANT decrease, from 613 to 34. Notices of Sales declined again from 155 to 97. Trustees Deeds increased from 81 to 104. In my prior commentary, it was mentioned how in September of 2011 and September 2013’s numbers were exactly the same which correlates with Nevada Laws (AB284 & SB321) having effective dates in October. October’s Notices of Defaults are definitely showing the same trend affected by new legislation.

For October, Total New MLS listings increased; Non Conditioned Sales were up; Short Sale and REO’s sold transactions declined. Median Sales Price went from $225,000 in September to $215,000 in October.

We have recently been able to pull up some interesting data. Many have asked if there is a way totrack the percentage of cash transactions on resale homes in Washoe County. According to our research, from January to October of 2013, approximately 42% of the resale transactions in Washoe County were CASH. In October, cash sales were close to 35% of our market.

What am I hearing out in the field…?

• Some Bank Owned/REO listings are still priced too high but more coming on the market.
• There are traditional sellers pricing their homes too high waiting for a buyer, but unfortunately they have missed their opportunity. Buyers don’t have buying power as they did earlier in the year and the cash buyer and investors are only looking for affordable deals.
• Everyone is VERY concerned that the Debt Forgiveness act will be not be extended. Will the Government decide on the Debt Forgiveness in a Macro or Micro level? In some parts of the country, short sales are still very prevalent, but in the United States in general the housing industry seems to be improving and there is more equity in homes. It would be a mistake if they didn’t extend it.
• Seeing an increase of For Sale by Owners in the market.
• How will SB321 affect our market? It’s definitely changed the foreclosure processes for the banks and given opportunities to homeowners, but what will be the true outcome?
• The agents are slower than usual at this time of the year. We normally have a slow season, but this seems very flat.
• Talked with some of sales executives in other markets (Arizona, New Mexico, Colorado, California, and Texas) and all of them agreed the market has shifted and it is slow.
• Why the flat market? Holidays? Uncertainty in our market? Uncertainty in our Government? Buyers don’t have buying power due to increased mortgage rates? Who knows… How about all of the above!

Have questions? Please feel free to contact myself or one of our sales executives.
Erin Schiller
Regional Sales Executive
Ticor Title of Nevada, Inc.
775-343-7935

related post: Washoe County foreclosure-related recordings – September 2013