So the latest headline in the foreclosure market drops a hint of possible good things to come, “Foreclosures drop in the West as filing slows.” What does this even mean? If you read further in the article it tells you that the banks are taking longer to foreclosure a home:

“The largest increase in the foreclosure timeline was in Nevada where it now takes, on average, 319 days to foreclose, up from 239 days a year ago.”

Yey..more people can live for free! This is good news for many homeowners who want to continue to live in their homes but simply can’t afford to (I’m not talking about you unreasonable freeloaders); our unemployment is still hovering at 13% and as the White House and Republicans continue to put on a Deal–or-No-Deal saga “we’ll give you 20 more decades of uemployment if you tax our wealthy friends 2% of the fraction of your middle class Americans.”

Ok, Reno along with our mother Silver State is still poster child for this Great Recession, so far, the last two years hasn’t been a nose dive. FACT: it could get worse, with the banks we’ll just never know what the heck they’re up to as they maneuver White House policies for their own gain — whether loosening up on short sales or holding back the tide of Reno foreclosures to get a better ROI. But we’re still here, Northern Nevadans are still having fun inspite of the worst recession in the last fifty years.

Here’s some more good points from the article:

“Foreclosure filing activity was down throughout ForeclosureRadar’s coverage area in June, with fewer foreclosure filings in all states. There were also fewer foreclosure sales everywhere except Oregon, which saw an uptick in activity on the courthouse steps.

While the decrease in the time to foreclose last month is statistically interesting, we do not see it as signaling an end to lenders looking to avoid losses that they can’t afford by continuing the extend and pretend policies of the past,” said Sean O’Toole, chief executive and founder of ForeclosureRadar.”

Supply and demand of homes in is actually healthy, giving more than handful of investors good rent cashflow as Northern NV continues to attract cash buyers (Months Supply of Inventory is at 5-6 months), not counting the possible tide of distressed properties the banks currently have in their pockets; it really isn’t as bad as you think.

If I may call a totally unreliable prediction, utterly biased, don’t qoute me for this: I think the worst is behind us here in Reno-Sparks real estate. Whew..I think somebody just threw tomatoes at my face.

Reno Foreclosures Recap…

May 2010: 159

June 2010: 136

July 2010: 139

Aug 2010: 130

Sept 2010: 142

Compare it from a year ago…

May 2009: 88

June 2009: 179

July 2009: 186

Aug 2009: 167

Sept 2009: 147

Hope that helps, how’s your local market doing?

Similar Posts:

• Government Renews Efforts to Save Homeowners
• Retail sales show strong gain in March
• Casey Key Real Estate – June 2011 Update
• Effect of Foreclosure on Credit Score
• Mortgage Applications Rise As Housing Inventory Decreases