Reno Foreclosures Update

It was not long ago when our local paper declared the Reno housing market dead and for the foreseeable future?

“Like a bogeyman lurking just behind the corner, shadow inventory has been a nagging concern for the Washoe County housing market since the real estate bubble’s collapse.

Now a delay in processing distressed properties is bringing shadow inventory back to the forefront, which experts say could postpone a housing recovery in the area by two to three years.”

But the Reno real estate developments this year (and last year’s too) have given us a different outcome. Reno Foreclosures have dropped, as reported by the same local paper:

In June, Washoe County recorded 165 foreclosure-related filings, which includes notices of defaults, scheduled auctions and bank repossessions, according to a report released by national foreclosure tracker RealtyTrac. It was down 62 percent from June 2012 and 73 percent from May.

Let’s just hope this trend continues….