Bad News on Reno Housing Market Front
Category 5 is as bad as it gets in hurricanes and the housing market. From Reno Realty Blog:
According to Countrywide, America’s Wholesale Lender, the Reno-Sparks market is a category 5 risk along with other familiar locales, such as Las Vegas, Stockton, Modesto, Riverside, Phoenix, Sarasota and Miami.
And there there’s this news from the RGJ:
Home foreclosures in Washoe County rocketed 614 percent in 2007 from a year earlier, a report Monday showed, as sales and prices of homes continued sagging in a trend observers expect to last through this year.
“It’s going to get worse before it gets better,” said analyst Brian Kaise of the Center for Regional Studies in Reno, who helped compile the report based on data from the assessor’s office.
The report summary said foreclosures have risen in all geographic areas of the Truckee Meadows, totaling 750 in 2007 from 105 in 2006. Additionally, 14 percent of the area’s active homes for sale in December were bank-owned homes.
Add in homes already on the market — which are taking 20 percent longer to sell than in 2006 — and “it’s really not a good scenario,” Kaiser said.
Tom Cargill, economist at the University of Nevada, Reno,predicts that the market will stabilize in 2009, barring a recession that is.
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Love the Catagory 5 Hurricane comment.