Below please find Washoe County, Nevada’s insured recordings (resales, new home sales, and refinances) statistics for the month of December provided by our friends at Ticor Title of Nevada, Inc.[Click on the chart below to enlarge.]
Resale and Refinance transactions increased significantly in December which is normal as many want to close before the end of the year. For December, the Resale transactions that were cash, decreased considerably to 26.27% from the 46% in November. New Homes had an uptick in closing for December.
Median Sales Price was $290,000 in December according to RSAR and this has been consistent month over month, which is a flattening in the market. RSAR said this is a settling of the market due to our 4 year recovery. As mentioned before, 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.
After attending many forecasts the past few weeks, the overall consensus was to not get too excited about the TESLA affect. We still have an inventory and affordable price problem. Most of the companies that are coming in to the market to support Tesla have employees who cannot find or afford homes in our area. At the BANN Forecast, many mentioned that we need builders to build homes in the $250,000 or less range. It was also mentioned that there are many companies coming to support TESLA, so we need to focus on them as they come into our market in the next few years. The biggest concerns that are hovering over us….infrastructure and housing.
Predictions are that 2016 will look similar to 2015 in the housing market. Commercial market is very healthy and very busy.
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 December 2015 provided to us by our friends at Ticor Title of Nevada, Inc.[Click on the chart below to enlarge.]
Notice of Defaults, Notice of Sales and Trustees Deeds recorded in December increased a bit. Ticor has been doing some research on the Notice of Default filings and have found something very interesting. After researching the Notices of Defaults documents for the last few months, we found that many of those who are defaulting on their mortgage haven’t made a payment for years. We found quite a few from 2008, 2009, 2011 etc. What does this mean? There are homeowners that could have been in the mediation process or foreclosure alternative process, or the banks have now been able to catch up with their paperwork and are now able to foreclose. This was eye opening. Remember Shadow Inventory? This is an example of shadow inventory discussed years ago. The first shadow inventory, was properties that the bank owned and haven’t put on the market; The second is properties that are in the foreclosure process and will either be short sold or purchased at the court house steps; The third is properties where there are properties where homeowners haven’t made their mortgage payment and the bank cannot foreclose because they can’t find their paper trail or because of legislative changes.