This from the Northern Nevada Business Weekly: " Home prices in the Reno area rose 18.17 percent in the 12 months ended March 31, ranking northern Nevada 58th among the nation’s metropolitan areas. For the first quarter, the U.S. Office of Federal Housing Enterprise Oversight says home prices in the market rose 1.8 percent. In the past five years, they rose 110 percent." So… I guess the party’s over?
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Well yes the year over year numbers are going to be positive as of March 31. I keep saying they will stay positive until the end of the third quarter of 2006. Then we begin the trip downward.
And yes, indeed, the party is over. However, the hangover has just begun.