Reno/Sparks Market Update for 3/12/2011

Interest rates remained the same as of March 10,2011. Freddie Mac reported rates to be at 4.88% with .7 of a point. This is right around the previous week’s rate but way down from the prior three week where rates were above 5%. We’re hoping these rates stay low as the height of the buying season nears.

For the Reno/Sparks Market we saw 143 sold properties from 3/6 – 3/12. Around 47% of these were bank owned/reo properties, 26% were short sale transactions, 26% were normal equity sales, with two properties being relocation and court approved. The high distressed property count is pretty typical for our market but there is an uptick in sold bank owned/reo. Some of this could be attributed to the FHA Mortgage Insurance Premium increase that will take effect on April 18th. If you’re looking at getting an FHA loan you might want to contact your lender about how this will affect potential monthly payments. From our research, this could change potential payments between $40-$75 monthly depending on your loan amount.

In other real estate news… down payments have potential to rise… foreclosure sales were up in January… the Nevada Rural Housing Program is out of money…. the MERS recording system is beginning to gain legal traction… loan mods were down in January.
 
 

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