Weekly Reno/Sparks Real Estate Market Update-1/21/2011

Welcome to the Renown Real Estate Video Library. Managing Broker and Realtor Ricky Beach presents this video of Reno and Sparks real estate market conditions, mortgage rates, local happenings, and general musings for the Reno and Sparks, NV area. Check back each week to see what’s new for home sales in Reno and Sparks, NV. Click for more Reno Real Estate Videos.

Sorry. No video again this week as we are working on the finer points of video blogging. I hope this beautiful picture from www.sxc.hu makes up for it.  Here is all the information in text format. house from www.sxc.hu

Interest rates rose a little bit according to Freddie Mac. The rate for a 30 year mortgage for the week of January 20th was 4.74% with .8 of a point. The rate is up from 4.71% from the week before.  If you’re in contract right now it might be a good idea to speak with your lender about locking your rate.

For the Reno/Sparks Real Estate Market there were 76 sales from the 14th to the 20th. 29% of these were bank owned/REOs, 27% were fair market owner resale, short sales were 43%, and court approvals were about 1%. The amount of distressed property sales is pretty typical for our market though the short sale numbers seemed to be up a little and the reo numbers down.

 A couple notes for real estate nationally…  FHA has suspended the anti-flipping rule for 2011. This should help both investors and first time home buyers to get some of the junk properties off the market and occupied.

The treasury has eased the HAFA guidelines in order to make up for the terrible start to the program in 2010. One of the big changes is no longer requiring at least 31% loan to income ratio though servicers may impose the ratio if they want.

Lastly, Bank of America is starting to get it. They’ve created a cooperative short sale program similar to HAFA but my guess is that it will work much better. The reason I think it will work better is because is BofA is imposing it on themselves not big brother forcing them to do it. I applaud BofA for seeing a need for change and doing something about.

If you haven’t any questions on the Bank of America short sale program please feel free to give me a call.

Ricky Beach
Managing Broker/Realtor
Renown Real Estate Services
(775) 750-1437
Posted in For Buyers, For Sellers, Market Update and tagged , , , , , , , , , , , .

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