Reno Real Estate Statistics for Q3 of 2010

Reno Real Estate Statistics for Q3 of 2010

The depression in Reno real estate market has created a great buying opportunity for people who are trying to invest their money in real estate. It is the perfect time to buy wherein interest rates are at an all- time low and lots of properties are in inventory.

The economic forecast for this year is starting to grow again with new businesses moving into Reno area. More or less 50 percent of the homes on the real estate market are short sales and another ten percent are owned by the bank. For the meantime, the lower priced homes or properties are going under contract rapidly and now the upper end of the real estate market is starting to settle down.

For Reno, starting September of this year, the home sales were down to 7 percent compared to last year of the same month wherein there are 309 homes sold but still fairly a bit down from June of this year at 399 homes sold. The September's median sold home price was $175,000 and it means an eleven percent drop from September last year. The Reno Months of Inventory for October this year is at 7.5 months which is down to 8 percent from October last year, and slightly up from previous months based on the reduce in the volume of sales.

Click here: view all Reno foreclosure!

In the state, latest statistics are being reported at 14.2 percent. The quantity of homes that are being served with a notice of default in Reno is staggering for the last six days alone. There are 174 homes which got a Notice of Default and Intent to Foreclose Notice and 148 homes were scheduled for a Foreclosure Sale. If these numbers go up, it only means that almost 600 homes per month receives a Notice of Default and there are approximately 500 homes in a month that are being bought back by the lender at Foreclosure Sale.

The rate of home ownership is moving downward and projected to be the lowest in half a century within the upcoming two years, whether the homeowners are eager to give up their homes or just simply lose them to Foreclosure Sale. Way back in 2004, the rate was 69.4 percent, the latest figures are 66.9 percent and the projections which are based on the number of defaults running through the system, says that the number will drop to 62 percent and yet lower by the end of the decade. The inventories are going up and the time on real estate market is increasing in the area.

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