Reno Foreclosures Less Than Last Year’s

According to Realty Trac, a trusted foreclosure data source, Nevada’s foreclosure rate is falling.

WASHOE COUNTY: 359, down from 1,053
CLARK COUNTY: 2,236, down from 8,246

And yes, pessimistic real estate pundits are correct in saying that “a drop in ranking is a result of new legislation, not a healthier market.”

“Passage of Assembly Bill 284, which required stricter documentation during a foreclosure, and the National Mortgage Settlement settling robo-signing allegations against the nation’s five largest banks have restricted the amount of distressed property filings.”

But I’m starting to wonder that even if foreclosures starts coming in droves again, wouldn’t we have enough demand to absorb it? Well, perhaps not in the high end market. But still, there’s so many buyers out there, most especially foreclosures, that buyers are now routinely making $10,000 and over offers on asking price.  Welcome to the shaky market recovery.

Well oiled investors are privately contacting me asking if I have any inventories of short sales and foreclosures.  Even in 2005, this never happened to me.

More from the report:

“In Washoe County, one in every 515 homes had at least one foreclosure filing. It is a 17 percent decrease from June and 66 percent from the same time period a year ago.”

“Nevada also saw a significant decrease in the number of bank repossessions, plummeting 71 percent in July from June.”

“It could mean more foreclosures are in the pipeline, according to the RealtyTrac report.”

Make your due diligence and act accordingly.  But personally, I have been starting to hope more than than fear.