One of the things I watch as an investor (in this market) is how many Reno bank owned homes/foreclosured homes are selling and or pending verses existing Reno bank owned homes/foreclosed homes.  Lately, the number sold and pending has been increasing relative to existing Reno bank owned home inventory.  Enclosed is a chart of the last 30 days showing 28 Reno foreclosure homes have sold in the last month alone, 11 pendings with 161 total Reno bank owned homes.

There are some other areas I am watching where these ratio’s are extremely healthy compared to a few months ago and some other ones that are not so healthy.  This is a broad view of the greater Reno Sparks MLS 100 area.  A few caveats here in case this is just a head fake:

Some banks, FNMA et al have somewhat of a moratorium on foreclosing in Reno and it may have slowed down bank owned home inventory.

There was a sales spike up with the cheap rates (still cheap), start of the “Obama honeymoon period” according to Harry Dent, some tax credit buying etc.

However, again, I have a slow buy signal in parts of Reno eg; Old Southwest, Verdi, Galena/Callahan area for the first time since April 2004 (when my model showed a sell signal); http://renohomevoices.com/2004/06/08/ron-bells-model-shows-a-sell-signal-april-2004/

I will work on some excel files to figure out some notice of default verses Trustee sales/Reno Bank Owned Homes to see if that has any positive signs; that particular formula has been fairly negative.  It does take a lot of work however and we are swamped with buyers from our new site at www.renonvforeclosure.com which is a good thing.

I quit tracking Reno short sale homes for the time being because many have taken their (Reno short sale homes) off of the market.  They figured out they can stay for a year or three for free and sometimes get cash for keys to move after the foreclosure and perhaps Obama will bail them out in the interim in some cases.  Also, because of the above mentioned moratorium, that has created a lull as well.  Many folks scratch their head and figure; why move and have to pay rent, their not getting anything out of the sale and their credit is shot anyhow (albeit not as much as a foreclosure).  Ironically, the Reno credit repair guys say the foreclosure is the easiest to get taken off of the reports.  Yeah, by the way, I know I owe you all a credit repair blog.

Hey, sorry, I had to get rid of the chart, it was too much info. and messed up the blog, I can e mail it, just let me know click on about, comment or comment on this one. Sorry.

Filed under: 2009 STATISTICS, FORECLOSURES