Washoe County foreclosure-related recordings – May 2013

Above please find the Washoe County Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for May 2013 provided to us by our friends at Ticor Title of Nevada, Inc. [Click on the chart above to enlarge.]

Ticor Title’s commentary accompanying the statistics…

Notice of Defaults (NOD) decreased slightly compared to April’s number.  Notices of Sales increased a bit and Trustees Deeds dropped down a bit.  In May, the REO Listings went up a little.  NOD’s have been steady since January, partly because of the banks feeling more comfortable with AB284 and the proposed changes to AB284 (aka AB300.  On June 1, 2013, the Governor did sign in support of the changes with AB284/AB300. Tip:  Check out the new law SB321.  This one could change our real estate market more than AB284.
 
As mentioned in prior comments, inventory in Nevada is down considerably and the real estate community is concerned about the lack of inventory available in the coming Summer months when homeownership is at its highest level.  According to some numbers provided, new listings on MLS have increased considerably in the non-conditioned sales area. Non Conditioned Listings are properties that are not Short Sale or REO, but regular or equity properties….There back!  Short Sale new listings have decreased and REO new listings had an increase by 10 from April.  This big issue we are seeing is the median sales price.  In May 2012, our median sales price for single family residences was $165,000.  The Median Sales Price for May 2013 is around $219,000.  You do the math.  Do you think this is good for our market?  Is it a healthy appreciation?
 
There are hundreds of qualified buyers ready to purchase but are getting beat out by cash buyers and investors.  Plus, interest rates have increased significantly in the last few weeks.  This trend is starting to look very similar to the BUBBLE we experienced in the 2004-2006 timeframe.  What a roller coaster we are riding…

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