The foreclosure statistics below are provided by Ticor Title Company.
[Click on the chart below to enlarge]
All foreclosure metrics (notices of default, notices of sale, and trustees deed sales) ticked up for the month of October, with trustees deeds seeing the largest increase — jumping 79 percent over September’s number.
Related post: Ticor Title’s Washoe County Foreclosure Statistics for July 2016
Twister
Time to put things into perspective…where are we right now? Historical averages of house prices tend to double every 20 years roughly, over last 80 years. If you look back to 1998 when prices were flat that year, Reno had a median hovering at around 150K. Where is the median now?…roughly double that. We are right on track with the long term historical average. Doesnt mean we cant have some fluctuation in price. Cuckoo on tv is making some comparison to what happened after top in early 2006. Big difference in the runup leading to top in that year. From oct 2003 to oct 2005 median price rose 140k in those two years. In the most recent two year period from oct 2014 to present price has risen 47k. We dont have the frenzied buying that we had leading up to 2006 top. So where do we go from here? Do we hit 250k or 350k next? I think its 50/50 chance for either one during next couple of years. Eat some turkey and relax.