Author Archive
Halftime
A bunch of little items for the short week. It will be a little out of order, since I can’t figure out how to enter any text after the "Son of Creep" chart, so I had to move it to the closing position. And remember, if you have questions or comments about specific areas, the [...]
The Next Wave
I’m not quite ready to say that the "sub-prime crisis" is over, but the majority of these loans were 2/28s and most have been flushed out of the system. The early resetting sub-prime loans recast at death interest rates due LIBOR abnomally high rates, which have since subsided. Late sub-primes (and early 5/25 Prime and Alt A) [...]
Creep
The May foreclosure numbers for Washoe County are in, and we continue to set records in all categories. Notices of Default totaled 554, up from 513 in April and 179 in May 2007. Notices of Sale totaled 374, up from 313 in April and 116 in May 2007. Trustee’s Deeds totaled 233, up from 187 in April [...]
MLS Lite
From time to time, Diane has asked what other real estate sites we lay folks use for research, and has asked for comments on her MLS site (many of which have been implemented). And many of us have voiced disappointment (outrage?) at the level of MLS access we mere mortals have.
Well, I ran into an agent whose [...]
Rats
Are they starting to jump off the sinking ship? A quick review of todays new listings showed a lot of "second" homes hitting the market, tons of old time (10 year or more) owners listing, 8265 Trail Hollow hitting the market as an REO 1 day after the TD of $598,000 at $557,750 (2/04 $634,000). [...]
Another Block
One Block looked at the financial health of a group of fairly upscale houses on Dancing Aspen in Damonte Ranch. Average purchase price was about $420,000 at the peak. I was pleasantly surprised that most of the loans were pretty good (5/25 or better), and at least 70% brought 10% or better to the closing table.
I just [...]
REO Sales - Waggin’ the Dog
The March sales numbers from the Center for Regional Studies finally got released today, and some very interesting (and disturbing, if you are a seller) trends are emerging. 55% of all resale SFR’s and condos recorded by the Assessor’s office were REO’s county wide. In both January and February, 35% of recorded sales were REO’s.
Using [...]
Friday Update 11 April 2008
A few items from our wacky world of real estate, and some speculation for your consideration:
The Summit at Grand Sierra Resort now has 2 units in foreclosure. The original room count was 825 - DataGuy, any update on how many have sold?
R & K Homes is in default on their Grand Vistas project in Hidden [...]
Pergraniteel
I’m pretty good with coming up with new words (I’m SURE I invented the Spork and it’s cousin the Foon over 30 years ago), but the one I really wish I could claim these days is Pergraniteel. You could easily use it to refer to almost every "renovated" listing on the market, and to a [...]
Friday Update 28 March 2008
The Friday Updates are something I used to put together for Diane and Guy highlighting the weird and bizarre, odd things that may be trends, blatant speculation on the market, and local gossip. So for those of you who read this blog off the corporate clock, here are a few things to discuss over the [...]
One Block
Hey, I don’t want to get the rep as Mr. Negativity Man here. You have to understand my primary information sources. I track and research new MLS listings which leads me to a lot of "must sells" and troubled properties. And my public records searches are aimed directly at properties going down the tube. Negative [...]
Developer Defaults
That pile of dirt and half finished house next to yours may be staying that way for a while. Individual homeowners are not the only ones defaulting on their mortgages - the developers are starting to default, too, and the dollar amounts are staggering.
Anyone looking to purchase a home in a new development owes it [...]
The 40% Club
Asking pricing on REOs and short sales have seemed "sticky" recently at 20% under peak pricing. No surprise - the banks are loath to write down the values of the first 80% loans. And yeah, the higher end sellers seem not to have gotten that memo, and continue to ask dream prices. I can’t believe how many [...]
1475 Palisade
There are a few locations in the area that, if available, would tempt me to give up the ranchero and move on into something really signature. Odd numbered addresses on Marsh or Palisade are on the bluff above the Truckee River, and anything there certainly whets my appetite. So when 1475 Palisade hit the market in January [...]
