Washoe County insured recordings statistics – November 2015

Below please find Washoe County, Nevada’s insured recordings (resales, new home sales, and refinances) statistics for the month of November provided by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Commentary from the report:

Median Sales Price has increased to $292,000 after months of a flattening in the market. RSAR said this is a settling of the market due to our 4 year recovery. As the holidays are approaching, buyers are still holding for affordable properties and are not making quick decisions because of the lack of inventory in specific price points.  Sellers are still overpricing their homes and we are continuing to see price reductions.  Buyers and Sellers are at a standoff like two bulls in a ring.  Each waiting for each other’s next move.
 
The words on the streets are APPRAISALS, PRICE REDUCTIONS, & TRID!   Agents, Lenders and Title companies are working through the new time lines, rules, and forms then was effective October 3rd.  The biggest issue with TRID is we have ever  lender with different lending practices and interpretation of the law.  Our escrow staff are trying to work with every lender, but it’s been a task trying to keep track of what each lender is requiring, their timelines, and procedures.  It will be more imperative to be patient and understanding while we work through this. 

Below please find Washoe County, Nevada Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for November 2015 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Commentary from the report:

Notice of Defaults, Notice of Sales and Trustees Deeds recorded in November dipped as banks are slowing the foreclosure process down before the holidays.  Resale and Refinance transactions have decreased significantly for the last 3 months. For November, the Resale transactions that were cash increased considerably to 43% which could be investors buying before the holidays, people from out of state moving to Reno, and many trying to avoid getting a loan because of the new TRID rules.  New Homes decreased.

Related post: Washoe County insured recordings statistics – October 2015