Home inventories dropped again in the Reno-Sparks area and remain low with even fewer houses on the market at the end of February.
The actual closings in February were up which may reflect some of the pending sales at the end of the year that finally got through the sale process. Closings of traditional and REO sales was up and closed short sales remained steady from the previous month.
A recent article in the Reno Gazette Journal talked about Foreclosures and Short Sales in all of Nevada for 2012:
Nevada Foreclosures Fall, but Short Sales Increase in 2012
Foreclosed homes and short sales made up almost 70 percent of home sales in Nevada in 2012, according to a report released by national foreclosure tracker RealtyTrac.
Sales of homes that were in the foreclosure process accounted for 38 percent of all 2012 residential sales in Nevada, despite a 36 percent decrease from the previous year.
Meanwhile, Nevada saw the largest non-foreclosure short sales increase in the nation, with an 86 percent jump since 2011. Short sales made up 33 percent of all sales in the state.
With 33 percent of our sales coming from short sales in Reno/Sparks, we are right in line with the rest of the state. Though our foreclosures (REO) right now are far less, only 14 percent for Reno/Sparks compared to 38 percent for the state.
We will continue to monitor the market as we see foreclosures becoming less and less of the sales, short sales being steady around 40 to percent and traditional (non-distressed) sales slowly gaining in sales each month.
