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Reno: Rising Inventory and Falling Prices Make It A Bad Time To Buy

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"Reno Foreclosures up after two months of declines"

"The end of moratoriums on distressed properties finally hit Washoe County in May, when the number of foreclosures jumped significantly after two straight months of declines."

"foreclosure-related activity rose by more than 18 percent in May compared to April, according to the latest report from foreclosure tracker RealtyTrac, and was up 107 percent from the same month last year."
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June 16 - Reno
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That's bad news when you consider; Lenders 'doing everything possible to delay foreclosure'

ForeclosureRadar, the online seller of mortgage default data, has more evidence of a foreclosure backlog in its monthly data, released today:

In May, a record 111,824 California homes were scheduled for foreclosure sales, but just 16% were auctioned. By comparison, last May, sales were held for 49% of homes slated for foreclosure.

Of last month's postponed foreclosures, 40% were delayed at the request of the lender; an additional 33% were postponed by agreement between the lender and borrower.

ForeclosureRadar CEO Sean O'Toole's take on this: "The data actually shows that lenders are doing everything possible to delay foreclosure. The reality is that we have very few homeowners being foreclosed on when viewed as a percentage of those scheduled to be foreclosed on, in default, delinquent, or upside down in their mortgage."
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June 17
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Nevada Supreme Court sets hearings on foreclosure mediations

Spurred by legislation passed this year, the Nevada Supreme Court is seeking public comment and scheduling hearings on a Foreclosure Mediation Program aimed at helping homeowners who face losing their homes.The program comes as Washoe County's foreclosure rate is rising after a two-month decline, jumping 18 percent from April to May."I believe that through this new law and our mediations, we are going to save some homes and help ease the burden for some lenders," Chief Justice James Hardesty said. "Too many Nevadans are losing their homes to foreclosure."Assemblywoman Sheila Leslie, D-Reno, and one of the primary sponsors of Assembly Bill 149, said it was a "very pragmatic" piece of legislation that ensures that homeowners will have access to their lenders to resolve their problems "as efficiently and effectively as possible.""The program can't get set up quickly enough to start helping the thousands of Nevadans in the midst of a foreclosure crisis," she said. "Everybody wins when a foreclosure is averted: the homeowner, the lender and the community."Under the bill, homeowners who receive foreclosure notices on or after July 1 can request mediation meetings with their lenders that would be overseen by a senior judge, hearing master or other designee. The program applies only to owner-occupied housing.The measure requires the mortgage lender or servicer to participate and provide a default notice, contact information for the person authorized to negotiate loan modifications and other materials."No further action may be taken to exercise the power of sale until the completion of the mediation," the measure said.

http://www.rgj.com/article/20090612/NEWS/906120414/1321/news
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June 17
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It will be interesting to see how that legislation plays out, nvchaz.
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June 17
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I don't think the actual mediation program has much play in reality. Our court system simply cannot handle the 1200-1500 mediations a month that this legislations implies. The mediations may not be a simple single sessions and could be strung out for months. Idle lawyers are signing up by the droves to act as mediators and it will be in their best interests to draw the process out as long as the courts allow.

The result, I think, will be that direct foreclosures will largely cease on July 1st. The asset managers will process them and line them up and then wait for the other shoe to drop. It is not clear whether legal representation on their side is required, (probably not), or desired, (probably), but in either event the banks do not have the infrastructure or personnel to respond. The billables will be huge and more attractive methods of disposing of these properties, (through buying consortiums under the p-pip program), will be used. Or, the law will be challenged and modified and the banks will scramble to put some sort of responsive program in place. In any event, I see a tie-up of REOs for at least 3 months and probably through the end of the year or more.

REOs on the low-end here in Reno have all but dried up except for the garbage. I'm seeing maybe 2 or 3 good opportunities a week now, whereas 2 months ago there were 10 or 12. The middle range is picking up somewhat but the high end seems about the same.

This is a counterpoint to the Splooge postings of the the foreclosure activity, (and, BTW, the "pre-foreclosure" activity) reported by RealtyTrac. It is irrelevant -- what is truly important for the markets is what actually hits the street.

RealtyTrac has been increasingly under attack for its statistics. I have paid for a subscription for RealtyTrac and they are an aggressively commercial outfit. When I quit the service, I was telemarketed continually for two weeks to try to get me back. I suspect we need to start looking closely at the statistics they present since it is obviously in their best interest to spin them high.
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June 17
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NV are you all closed and moved in now? I think the last I heard you were boxing for your move and close to closing. 
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June 17
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Hi Sunny,

No, another delay, this time the water-heater. Wells Fargo is playing very strict by FHA guidelines. Got that fixed Monday and I'm set to close by the 25th or earlier.

All my stuff's in storage and I'm camping on my Mother's couch, (ouch!).

Can't wait to move in. When I close I'm gonna buy a bottle of Dom and bask in the glow for awhile and then get to work on it!
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June 17
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That's really good news. Only a few more days until you can bask in the glow. Line up your moving buddies now if you need them. To me, they are always well worth the cheap pizza and beer to ease the pain of moving a bit. I am sure the dogs will be happy to have a yard of their own to sniff around.
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June 17
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This is the kind of junk that is left in Reno ($79,500). Essentially tear-downs that will eventually go for the lot value:

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June 17
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nvchoad, your mom putting up your wife and kids and dogs? 

A saintly women she must be.
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June 17
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You gotta hand it to NV State Gov.  Of all states they should have realized the 'Gamble' on RE prices would continue to rise was a losing bet.
Did  they sound any alarm at all ?  No 

Heck, why not bail out the losers at the Casinos who lose their shirt everyday ?   Whats the difference ?



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June 17
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"No, another delay, this time the water-heater. Wells Fargo is playing very strict by FHA guidelines".
Next week, there will be another reason of delay from Wells Fargo Bank : "Your child has not all A in the school"
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June 17
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2/18/09: nvchoad: "I am single and a handyman"

2/27/09: nvchoad:"I'm looking for a secure place for my wife and kids during this depression."

Congrats there bro! Apparently the happy day came while a member of the zillow community...

On the other hand you can probably file these along with his meandering tale of house buying and delays under the rather large category of nvchoad posts which are total lies.
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June 17
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There are no reasons for Nvchaz to lie, for what ?
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June 17
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Yeah, alas, I'm divorced... but hope springs eternal. The kids are with their mom.

Anyway, I'm pretty open about who I am... come to my house warming party -- you all know the address: 4650 Spring Drive, Reno. Check it out. You'll notice that it is now under contract and when it closes I'll claim it on Zillow. Just don't tell Pasa -- I don't need some crotchety old freak stalking my a$$.

BTW, what has that got to do with the issues discussed above Splooge?

Re: Nevada bailout. AB 149 passed with surprizingly little opposition from the banks. I can only conclude that they determined that opposition was futile or that the law had certain advantages to them, and I think the latter was the case.

It could be that, if the playing field is level, banks actually welcome these moratoriums. Now that mark to market is suspended, storing toxic waste is not so onerous. As long as competing banks are also locked down, perhaps the respite is welcome until more lucrative disposition of the assets can be put into place, (p-pip).

In any event, those of you simply counting foreclosures as somehow indicative of future market realities are foolish and short-sighted, (and that means you Splooge and you Space-case and you SoCal Bubble Monster).
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June 17
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CA just to impose 3 months moratorium, which is not make my sister happy, since she looking for the property and there ai'nt many in my area, regular sales as same as foreclosure sales.
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June 17
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 "I'm divorced... "

Nevada.. the best Cat Houses in the nation.
You can always wash your sorrows at the ranch!

 
 

 
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June 17
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this in no way changes anything, it merely delays Nevada's problems. Both parties split the cost of mediation, up to $400; well that is a pretty cheap extension on the $0 rent option that many home owners are utilizing;

California, Nevada and other states keep passing these programs, which will simply increase the ultimate dollar loss that banks and fannie/freddie/fha (ie taxpayers) ultimately bear.

Are we japanese yet?
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June 17
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Note:

The $400.00 and other rules are in DRAFT at this time.
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June 17
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Michael Russell, "real estate mike"

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Ah yes the casinos. As long as people have 401k money left and can draw it out for "emergencies" casinos will have money. How is Wynn doing on the Forbes list?
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June 17
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The casino take is well down.

Reno got hit hard by the opening of the CA Indian casinos starting about 7 years ago and has done a pretty good job of diversifying its economy since then, (thanks to an influx of Californians.)

LV got hit harder.

As far as cat houses go -- what a dismal scene fortunately located in the rural counties only. Prostitution is illegal in Reno and Carson City.

Reno remains a great town for families and the majority of the people here only go in the casinos for the buffets, which are great and cheap.
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June 18
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You said that the decent starter houses were sort of drying up in Reno except for the junk. Has there been much movement in the the prices of the move up middle or are they just kind of sitting in the same price range?
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June 18
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CA just to impose 3 months moratorium

Most banks welcome the moratoriums. As one journalist put it in, 'How Banks are Gaming the Real Estate Market:'

To put it simply: banks are limiting supply in order to keep inflating the bubble. Keeping properties off the market makes sense for two reasons: it allows banks to engage in another round of brazen ripoffs by selling at least some of their properties at artificially high prices to a new wave of sucker investors (many of which are first-time home buyers). But more importantly, it allows the banks to avoid recording a loss on their balance sheets, making them look more profitable then they really are

In CA's case, however, most of the banks will not be held to the most recent moratorium. There is a loophole that states this will only be imposed if banks do not have their own loan mod program in place, which of course, as impotent as they may be, almost all the big banks in CA already have these programs in place. That said, CA lenders are still doing everything possible to delay foreclosures.
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June 18
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Hi Sunny,

Here's a Reno update from Madeline Zook, one of Reno's premier REAs:

"The currently real estate market is extremely mixed, with homes below $200,000 seeing brisk activity, usually 10-15 multiple offers, and selling for more than asking price.  So called "move-up" homes in the $200,000 to $800,000 range sit, moving the median sales price down overall.   It is our opinion at this time that the market will not reach bottom before 2010, and any turn around in the market is probably 4-5 years out.

REO properties and so called pre-foreclosure or "short sales" continue the trend started last September and now overwhelmingly dominate the market.  As of this writing, there were 3250 homes for sale listed on multiple listing service (down 78 from April), and 60% of them were bank owned or soon to be.  71% of all homes sold in May were either bank owned or pre-foreclosure sales.  With brisk sales for the last 3 months, the quantity of REO (bank owned) single family homes has  decreased significantly by 190 homes since last month to 843 as of this writing.  REO condos have decreased by 37  units since March, and are now numbered at 185.  Not only do REO properties depress sales prices for resale homes, but they also "remove" the opportunity for the seller to "move up" in the market, as there is no family selling one house to buy another."

 http://www.sierranvrealestate.com/index.htm
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June 18
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Thanks for the update! I appreciate it.
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June 18
 

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