Nevada Face of Foreclosure Report For 2013

Posted on January 29, 2013 by Ricky Beach

The Nevada Association of Realtors published the award winning 2013 Face of Foreclosure report for the State of Nevada.

The report provides foreclosure stats, correlating maps to the data, mortgage delinquency information, and resident opinions on the state of foreclosures in Nevada.

It’s a pretty great report except the data is put into congressional, senate, and assembly districts instead of county, city, etc.

I might break down some of the information in the future but there’s too much to dissect right now. To view the full report click on the picture to the right or the link below.

Face of Foreclosure Study

For questions or more information on the Reno housing market and buying or selling a home contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

Ricky Beach

Broker|Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Cell: (775) 750-1437 | Fax: (775) 562-4779 |

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Are Short Sales Going To Get Shorter?

Posted on January 23, 2013 by Ricky Beach

The running short sale joke is that no part of them are short.

Freddie Mac came out yesterday and said that they can speed up FHLMC backed short sales by 50-75% (effective November 1, 2013).

The full post is here… Fannie Mae Short Sale Time Frame

Among the many reasons they believe their short sale will move quicker two are the most important.

Servicers have 30 days to make a decision once the full short sale package is received. Though an additional 30 days are allowed for time to negotiate with third parties. Well guess what… This policy was already in place for the HAFA program and as part of the mortgage settlement. Read here.? As with any legislation the ability to enforce it needs to be there.

More delegation for servicers. Delegation in short sales is where the servicer (bank you pay every month) can approve a short sale on behalf of the investor or mortgage insurance company without asking. This may actually help.

So how quick could short sales get with Freddie Mac?

It usually takes 2 weeks to 1 month for the servicer to acknowledge receipt of a completed short sale package. Add 30 days for approval then another 30 days because they know they have more time and you’re at 3 months. Another 30 days for escrow and the time from offer acceptance to completed sale is 4 months or so.

I appreciate Freddie Mac putting forth an effort in improving the efficiency of their short sales but I think it will end up being a bust just like the shortened time frames of HAFA and the national mortgage settlement. Think you have some recourse? Good luck getting your state AG office to get a handle on things within a year of your request.

Have questions about buying or selling a home in Reno and Sparks?

Contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

Ricky Beach

Broker|Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Cell: (775) 750-1437 | Fax: (775) 562-4779 |

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Reno Real Estate Stats December 2012

Posted on January 22, 2013 by Ricky Beach

The Reno/Sparks market stats, for December 2012, were released by the Reno/Sparks Association of Realtors.?

You can view the full report by clicking on the picture to the right.

If you’re feeling lazy then the important stats are below.

The median sales price rose again and rested at $187,000. This up 3.3% from November 2012 and up 20.6% from December 2011.
Sales fell 7% from November 2012 but were up 9.2% from December 2011.
There were 299 new listings. Down 21.5% from November 2012 and down 31% from December 2011. Expect prices to keep rising due to a lack of new listings.
Of those 299 new listings, 54% were regular sales. That’s good news for buyers.
Months supply of inventory fell again to 3.5 months. This is down from 5.4 months in December 2011 and down from 4.0 months in November 2012.? Anything below 5 months is a sellers market.

Bottom Line: Market appreciation won’t begin to curtail until we get more listings on the market.

Have questions about buying or selling in Reno or Sparks? Contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

Ricky Beach

Broker|Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Cell: (775) 750-1437 | Fax: (775) 562-4779 |

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Zombie Title In Real Estate?

Posted on January 21, 2013 by Ricky Beach

Well not real zombies…

Michelle Conlin, of Reuters, published an article on zombie title. Found here… Special Report: The Latest Foreclosure Horror: The Zombie Title

While Conlin only cites one instance it’s actually pretty common…

The bank files for foreclosure. On the sale date at the courthouse the bank rescinds their foreclosure or extends it to another date. During this time the home owner has moved out of the property and thinks their responsibility (except for the deficiency) is done. With no actual foreclosure taking place the property is still titled under the owner and any responsibilities with it remains.

This is one part of what is known as shadow inventory. It’s not quite a bank owned/REO but it’s also not in good standing.

There are a couple reasons this happens.

The bank may not want to take responsibility yet. Backlogs of delinquent mortgages makes it very tough for banks to foreclose in a timely fashion or have a good control over their assets. Leaving it in foreclosure limbo buys them time to get other properties off their books.
The foreclosure paperwork may be incomplete or filed incorrectly. In this case the bank may not have the right to complete the foreclosure so they either start over or move back a step.
Third party requests. The owner may be working on a loan modification or alternative terms to cure the delinquency. In this case you’ve probably hired an attorney and know whether or not the foreclosure will take place.

In order to protect yourself you should always hire an attorney to make sure the correct foreclosure steps are taking place. You can also stay up to date by using the Washoe County Recorder’s website, the lien holder’s posting service, or third party sites like Foreclosure Radar to see when and if the foreclosure is taking place.

For more information on buying or selling a home in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

Ricky Beach

Broker|Owner|Realtor®|CDPE®|SFR®

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Cell: (775) 750-1437 | Fax: (775) 562-4779 |

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