Reno Foreclosure Blog

Home values are still declining in SW Reno. As indicated below, values have declined an additional 23% over the last 12 months for this particular neighborhood. It should also be noted that inventory has been increasing and the Sale to List Price percentage has been decreasing. The bust continues.

The reader should note that the number of bank foreclosures (REO's) are declining; however, this is primarily due to the "Robo Signing" legal issues between the Lenders and the 50 State Attorney General office's. The Robo Signing problem has only resulted in a growing "Shadow Inventory" of REO's in the pipeline. It is an equivalent to an inflating balloon. It should also be noted that banks are "controlling" the number of REO properties it exposes to the market (lists for sale), in an effort to keep prices from falling even more than they are. This only results in "prolonging the pain" in the Real Estate market. Experts are stating that the Real Estate crisis will continue into 2013 and beyond. So, what does this mean? Home values will most likely continue to decline for the next 12 months, and don't expect any significant appreciation in home values in the Reno Metro area for quite some time.

Market area: Reno, NV. – SW

Appraised property located on Blue Grouse

Search parameters:

1&2 story homes

Gross Living Area:  2,334 SF to 3,502 SF

Age: 1992 to 2011

Current median price = $296,000

Median price from 6/15/05 to 6/15/06   =  $640,000

Percent decline  =   54%

Market Conditions Addendum Report

Date Run: 8/14/2011

Base/List Date/Current: 8/14/2011

Foreclosures                         =     6      

Short Sales                           =     3

Arms lengths                         =     16

Total Sales last 12 months     =     26

Percent Special Conditions       =          34%

Percent Short Sales                  =          12%

            Median $          =          $347,500         Avg = $362,995

            Hi $                  =          $550,000

CURRENT LISTINGS  =  27   Median days on market = 91

Foreclosures                        =   3         

Short Sales                          =   6

Arms length                         =   18

Percent Special Condition         =          33%

Percent Short Sales                  =          22%

Median $          =          $420,000         Avg = $432,851

Hi $                  =          $595,000

Low $              =          $185,000

Total # of Comparable Active Listings for (Current – 3 Months) is the number as of 8/14/11 = 27