Reno Foreclosure Headlines of the Week

 

Hey folks,

Just wanted to give a quick rundown on the latest local headlines related to Reno’s distressed housing market.

With the Reno housing market taking a much needed boost (sales, price are higher from last month but still a bit lower compared to last year.) What’s good now is any good news will only help the housing market in Northern NV recover.  I believe we are at a precipice of a market recovery.  Probably just starting out but it sure looks like the worst is over. Historical analysis backs this up as real estate recession typically lasts no more than five years.

“The lawmakers argue that their bill would help Fannie Mae and Freddie Mac, which have received more than $188 billion in taxpayer assistance, as well as save money and reduce the number of defaults. “

“The rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week. The 30-year loan rate ticked down to 3.83 percent, the lowest since the 1950s, while 15-year rates, a common loan used for refinancing fell to 3.05 percent, another record. “

“The reason for the president’s visit was to highlight problems with mortgage refinancing and to urge Congress to do more to help homeowners.  Many families, like the Kellers, are struggling to refinance their home because they owe more than their home is worth. The Kellers purchased their $168,000 home fourteen years ago, yet now it is only worth $100,000.”

 

“Even with the latest increase, to a median of $127,900, Las Vegas homes are selling for bargain prices to those who have cash or can obtain a mortgage.

And that’s the good news.

‘On a square-foot basis, we’re probably one of the best deals in the United States right now’,”