It’s the Right Time to Buy…..

General by Mike McGonagle

….Executive Homes.  If you are not lucky enough to be a print subscriber to the RGJ, you missed this fine article in the Real Estate Insert today.  Comments?

The same section had a listing of sold properties for the week of 1-8 September 2010.  The "executive" market barely cracks the radar.  Median was $173,370 including stick built, condos and manufactured.  26 sales for the week, based on data from the Washoe Assessor.

Sold Price   Address Zip Code   Comments
       
47,000   2291 Rock 94131   REO 66,780 in 9/1991
55,000   9335 Fleetwood 89506   REO 115,500 in 5/2002
69,000   10097 Zeoplite 89506   REO 118,500 in 3/2003
100,000   337 E 9th St 89512   Last Transaction 1964
105,000   6070 Ingleston #1125 89436   REO Condo 218,500 in 8/2004
113,850   5547 Thorn Berry 89433   Non Profit Buyer 103,640 in 5/1996
132,599   255 N Sierra #1404 89501   Montage Condo
132,599   17740 Davenport 89508   REO 182,660 in 7/2003
138,500   2401 Riviera 89509   275,000 in 1/2005
140,000   10540 Mizpah 89506   REO 197,000 in 12/2000
145,000   841 Washington 89503   114,500 in 8/1985
152,000   1228 Gilly 89434   151,000 in 1/1998
170,740   960 Damon 94131   REO 151,000 in 1/2005
175,000   2082 Red Leaf 89434   182,638 in 4/1999 Family Sale
181,218   255 N Sierra #808 89501   Montage Condo
185,000   3484 Weaver 89512   REO 403,700 in 9/2005
189,000   1108 Scenic Park 89521   380,000 in 8/2005
199,952   5615 Igloo 89433   REO 138,000 in 11/2003
222,520   1056 Crown View 89523   New Lennar
232,500   5263 Vista Heights 89436   NRES TD 319,990 in 4/2006
236,950   1044 Crown View 89523   New Lennar
269,900   9256 Star Pass 89523   New Sierra Canyon
320,000   4095 Willowsprings 89519   378,500 in 4/2004
390,000   5018 Albuquerque 89511   266,789 in 7/1997
457,000   2971 Roundrock 89511   REO 646,729 in 2/2001
2,000,000   355 Wilderness 89451   3.8M in 2/2002 IV

 

90 comments

  1. Sully

    “Executive-level homes are far more attainable today than at almost any time in the past. For the person whose occupation is not affected by the economy, this market is creating an (unprecedented) opportunity,” Jorgensen said.

    …and which three people in Reno are those?

  2. Dante

    Pretty interesting to look up the track records and holdings of the Realtors quoted in the article on the Assessor’s and Recorder’s sites. A couple seem well qualified for the title of “short sale expert”. Another is holding a toxic portfolio including the Village at Somersett. Are Realtors the worst real estate investors ever? It takes a lot of gall to shill the executive market when you are behind on your garbage bill.

  3. MikeZ

    “Nevadans who aspire to own an upscale, executive home in some of the area’s most prestigious neighborhoods should realize this may just be the most affordable time in history to buy.”

    I agree 100%.

    There are some KILLER deals out there on high-end homes right now. And combine that with record-low (sub 4%!) mortgage rates.

    In past years, similar market climates have allowed smart, careful investors to become rich in real estate.

  4. Norton

    Mike Z,

    Care to point out to me when “similar market climates” have existed “in past years”. I will make this simple for you. Just help me recall the last time the median price fell by more than 50%, and when mortgage rates were 4%, ok?

    My memory must be fading.

    I’m waiting for your response.

  5. Sonny

    Looks like those KILLER deals at the high end of the market were not quite KILLER enough during the week of September 1-8. A median of $173K suggests that there are just not enough buyers “whose occupation is not affected by the economy.”

    What a bunch of realtor shuck and jive.

  6. MikeZ

    Care to point out to me when “similar market climates” have existed “in past years”

    In the northeast, 73-79, 82-85 and 93-98 were all big down markets. Smart people made good money in those markets. I bought a 2FH (primary residence) in ’98 @$78.8K, sold in ’03 @$189K.

    Down markets like those (and this one) can be rare opportunites.

    Just help me recall the last time the median price fell by more than 50%, and when mortgage rates were 4%, ok?

    Don’t confuse “similar” with “identical.”

  7. Brewster

    Now here’s a KILLER deal, Mike Z.

    573 Smithridge sold for $160,000 on 1/26/05.

    Now listed at $44,000 as an REO.

    When the bank takes $40,000 to be rid of it, that is a 75% decline in value. And this is no apples to oranges comparison. This is the very same property selling for 75% less than the bubble high.

    Nobody reading this blog has ever seen a market where some properties have lost 75% of their value in 5.5 years.

  8. skeptical

    hmmm…. a median of $173k for the first week in Sept? That’s a pretty significant falloff from August.

    The “stable” data often promoted a few contributors on the site seems to be heading in the wrong direction….

    The $160xxx handle ain’t too far off if the first week is indicative of the rest of the month. It’ll be curious to read the explanation for that.

    Meanwhile, those who are doubtful of the health of the current RE market in Reno are continually lambasted for their alleged religious denial of the data…

  9. Sully

    MikeZ – “In past years, similar market climates have allowed smart, careful investors to become rich in real estate.”

    I did some research on that (bet you knew I would), compared San Jose to Reno over the last 30 years (1980 – 2009). Starting with $100,000 and using the historical price appreciation in each city.

    From 1980 to 2009 that $100K house in Reno (inflation adjusted) lost 2%. That same price house in San Jose (providing you could even find one then) was up 232%.

    So the statement is correct for San Jose but hardly for the Reno area. This has been my point for some time, in that Reno doesn’t have the dynamics that areas like Silicon Valley and others have. So, for the Reno area I tend to disagree. 🙂

  10. smarten

    Skeptical, the only contributors on this blog who are continually “lambasted for their [reliance upon Guy’s]…data,” are people like MikeZ, BobC and myself. I’ve asked before the reasoning that supports your/others’ denial of the data and the responses have been: the first time homebuyers’ credit; or, I’ll know it when I see it; or, the anectodal evidence gleaned from friends’ and family members’ impressions from the trenches; etc.

    So now we’re comparing median sales pricing for SFRs AND condos to just Guy’s SFR numbers? So now we’re comparing one week to an entire month’s worth of data [for August]? And regardless, for the last year or more we’ve by and large been bouncing within a range of $170K-$180K. $173K continues to be within that range [you never heard anyone claim we had broken out of the long term trend just because the SFR median sales price increased a whopping 6% in August, did you?].

    And finally, remember my guess as to the SFR median sales price come the end of November [the beginning of December], was about $172K. Now how do you expect we’re going to get there unless there’s a drop from the last two months’ numbers?

    All of us can be as doubtful of the long term health of the current RE market as we want, and that’s fine. But that’s a totally different subject than denial of the last year’s or more’s SFR sales price stability as measured by median sales price.

  11. Sully

    smarten, Guy specifically pointed out that the numbers for the end of 2010 would not be tabulated until Jan/2011. Why do you think its over in Nov.?

  12. Sully

    His exact quote:

    We’ll see who’s closest to December 2010’s median shortly after the end of this year. I’ll then award a prize to that person. I don’t know what the prize will be yet, but I have all year to think about it.

  13. smarten

    Sorry Sully –

    Guy’s post was in December of last year [rather than January of this year] and pointed to November’s median sales price. That’s why I was under the belief that I was.

    But going back to Guy’s post, I must stand corrected: “to lay some ground rules we’ll use the median sales price as determined by Reno and Sparks sales reported on our MLS (Northern Nevada Regional MLS). I’ll use the same criteria that I use each month to report sales data. Namely, the median sold home price will be calculated by pulling all residential sales DURING THE MONTH OF December 2010 that occur in the cities of Reno and Sparks, Nevada [NNRMLS Area #100]. Residential sales will include Site/Stick Built properties only. Sales of Condo/Townhouse, Manufactured/Modular and Shared Ownership properties will be excluded. I will pull the sales numbers sometime shortly after January 7th, 2011, as I like to wait at least a week to have the sales figures reconciled.”

    Gee, if I would have known that I guess I would have guessed $169.5K instead of $172K…

    NOT!

    Thanks for correcting me.

  14. Sleezy

    Who cares about the median price? ppsf continues to FALL! The deals keep getting better.

  15. MikeZ

    hmmm…. a median of $173k for the first week in Sept? That’s a pretty significant falloff from August.

    The “stable” data often promoted a few contributors on the site seems to be heading in the wrong direction.

    Yes, it does. (See how easy it is, once you accept the data and let go of preconceptions?)

    But make no mistake, the prior 14 mos *do* show stability, in both median price and PPSF in Reno.

    Meanwhile, those who are doubtful of the health of the current RE market in Reno are continually lambasted for their alleged religious denial of the data.

    Perhaps selective denial is a better term?

    Look: Now you’re accepting/rejecting data by the *week*.

    And the criteria seems to be: If it agrees with you, it’s good, it’s accepted, it’s used to extrapolate into the future. If it disagrees with you, discard it, ignore it.

    By the way, I’m also doubtful of the health of the current RE market in Reno.

  17. Sully

    MikeZ, I agree as it’s tough to make predictions, especially about the future. 🙂

  18. smarten

    Just for giggles I went back to Guy’s numbers and noted that the top of the bubble for BOTH SFR median sales price [$395K] and average PPSF [$223.06] occurred in October of 2005. The low point in median sales price since then was January of this year [$167K]. If my calculations are correct [and oftentimes they’re not], that represents a 57.72% drop.

    Comparing the drop in PPSF during these two periods of time, the drop was 55.92%. Because of August’s slightly lower PPSF [$97.54], the percentage drop in PPSF since October of 2005 has been 56.27%.

    So to what number would the PPSF have to fall in order to represent a 57.72% drop? $94.31 [a 3.3% from August’s number]. So to those who say median sales price is irrelevant [which it isn’t], it’s average [as opposed to median] PPSF, aren’t we about there? Or are we saying that the average PPSF must drop even more than 57.72% and if so, how much more?

  19. ditzy

    The wheels on the bus go ’round and ’round. Until they fall off.

  20. MikeZ

    MikeZ, I agree as it’s tough to make predictions, especially about the future.

    Well, that’s true. No one can see the future with certainty.

    Personally, I’ve found that the likelihood of being correct goes up when I use objectivity and data, rather than intuition and a Ouija Board.

  21. Sully

    MikeZ, you should look into becoming a comedian. If you used data and objectivity you might not be saying how stable this market is right now.

  22. sleezy

    Mikez is and has been a fool for continuing to suggest the RE market in reno has been stable for the past year ..

    DUM DUMB DUMB

    mr. Stable.. lmao

  23. GratefulD_420

    To Smarten:

    Just to clarify, I don’t think anyone is saying the median price and ppsf are “irrelevant.” They are good data points and should be used along with other data sets when trying to evaluate the current status of a market. The point has always been that a single data point CANNOT always capture all phases of a dynamic market. That you sit around all day and night defending the data as the almighty median while closing your eyes to other availible data makes it appear you have some agenda either financially or personaly. Best of luck in your quest.

  24. smarten

    Thanks GratefulD –

    But sorry; no agenda.

    To me, unit sales and pendings are nothing more than an indication of demand which in the future may/may not have an effect on pricing. Ditto insofar as inventory is concerned. And to a lesser extent, ditto insofar as PPSF is concerned. DOM is pretty much worthless because it only pertains to properties that have actually sold, and as a result of the most recent version of a listing.

    So what other data should we be tracking [that I am closing my eyes to] other than median sales price?

    Insofar as your observation that no one is saying median sales price is irrelevant, I have to disagree. Isn’t this precisely what Derrick told us he believes [“who cares about the median price”]?

  25. skeptical

    In this thread.

    MikeZ:
    “There are some KILLER deals out there on high-end homes right now. And combine that with record-low (sub 4%!) mortgage rates.

    In past years, similar market climates have allowed smart, careful investors to become rich in real estate.”

    Later, in this thread:

    MikeZ:
    “By the way, I’m also doubtful of the health of the current RE market in Reno.”

    Alright. Whatever….

  26. Sully

    smarten, adding to Gratefuls comment. The median prices work similar to the paper road atlas. It gives you a good picture of where you’re going and will help you get there. Once you get to the city you want, the atlas doesn’t help anymore. You need a local road map for more detail. Granted we now have a GPS to do that for traveling, now we need one for real estate. 🙂

    It’s this detail that gets you to the final destination. In regards to local real estate that would depend on a persons personal wants and ability to pay. How we get to the final decision can vary in probably as many ways as there are buyers. For one, the median doesn’t tell you whether or not prices are going up or down in specific areas (zip codes) price bands help, but still no cigar, although they do tell the range of active sales.

    So using the median as the starting point is fine however (like the atlas) doesn’t always get you where you really want to be.

  27. MikeZ

    skeptical
    MikeZ:“By the way, I’m also doubtful of the health of the current RE market in Reno.”

    Alright. Whatever.

    N.B. I wrote “current,” not “future.”

    Distressed markets like this are rare opportunities, the more distressed, the better the opportunity.

  28. MikeZ

    smarten:
    So what other data should we be tracking [that I am closing my eyes to] other than median sales price?

    Good luck getting a concrete answer to the same question (and a darn good one!) that you’ve been asking for ~6 mos.

    Maybe the 10th time will be the charm?

  29. Joe

    Smarten,
    Unemployment, percentage of mortgages underwater, shadow inventory, # of distressed sales producing no move-up buyer, you know, data that’s not easily attainable yet should not be ignored just because it’s more difficult to analyze. I bet many buyers in 2006 wished they would’ve looked at more than median sale price.

  30. Smarten's Vanishing Equity

    MikeZ said,
    in September 12th, 2010 at 8:53 am

    “But make no mistake, the prior 14 mos *do* show stability, in both median price and PPSF in Reno.”

    No, that’s not stability. You continue to post this ad nauseum, but you’re sorely mistaken. Only fools believe such tripe. What you call stability is, in actuality, an exceedingly distressed and unhealthy market which was temporarily propped up by government intervention. After this intervention ceased, prices continued on their merry way- downward.

  31. skeptical

    MikeZ:

    “Distressed markets like this are rare opportunities, the more distressed, the better the opportunity.”

    Yep, they said that in Nevada in 2008, 2009, and you are saying it today.

    You could also say that about Detroit. So why don’t you buy a house there as well.

    OBTW, do you own any property in NV, MikeZ? Do you plan to buy any during this once in a lifetime opportunity?

    You could become rich!!

  32. smarten

    Okay Joe –

    So are you telling me that if unemployment in Reno/Sparks goes down from/to 13%-11% that’s a sign the residential real estate market has turned? Or is it nothing more than an indicator that there may [or may not] be more demand for housing [unit sales] which would reduce inventory and increase prices?

    The percentage of mortgages underwater, at least to me, is nothing more than a Johnny-come-lately indicator for rising/falling values – something we would expect to see much earlier simply by tracking median sales price.

    Shadow inventory, at least to me, tells very little. If unit sales and median sales price are stablized or trending up, what difference does it make that there’s a whole lot more inventory which hasn’t yet made it into the marketplace [unless you’re of the opinion that in the short run, this inventory IS going to make it into the marketplace; flood the market; and as a result, lower prices (which BTW hasn’t happened in the last year or more notwithstanding the belief that there’s a very high shadow inventory number)]?

    # of distressed sales producing no move-up buyer also tells me very little for two reasons. First, if distressed sales take place at a lower price point [such as the price point where first time homebuyers purchase], so what? As long as unit sales and median sales price are stable or on the upswing, what difference does it make that there are no move-up buyers and a larger percentage of the inventory available for purchase is “distressed?” If we’re talking about homes for sale at higher price points, sure they may be sitting because there may be few “move up” buyers. But isn’t this really another way of saying less demand and falling prices? As long as unit sales and median sales price are stable or on the upswing, what difference do the lack of move up buyers and # of distressed sales make?

    The point I’m trying to make is that at least to me, although your suggested pieces of “data” may be reasons WHY unit sales, PPSF and median sales price move up or down, they in themselves have no direct correlation between higher/lower prices.

    As evidence of this observation, for some number of months Guy has been tracking the percentage of distress sales, and the number has generally been pretty high. Why then haven’t unit sales, median sales price and to a lesser extent PPSF fallen off a cliff?

    I guess if Guy were so inclined, he could start adding a new column to his monthly data – % of “distressed” sales [actually, I’m for any other piece of data which replaces DOM and percentage of sales to asking price, both of which I find to be worthless].

    The more and more we discuss this subject, what I am really seeing is more and more denial. The permabears just can’t handle the fact that the residential real estate market hasn’t tanked even more during the last year. So instead of accepting the data Guy supplies, which historically always seemed to be sufficient, they look for other kinds of data to support their pre-determined views. I firmly believe that if Guy’s data supported their pre-determined views, we wouldn’t be hearing anything about shadow inventory, percentage of distress sales, percentage of listings underwater, etc., etc. [especially if those numbers were an improvement over yesterday’s].

    Again, just my two cents.

  33. smarten

    Sully, I agree with you that using PPSF and median sales price “doesn’t always get you where you really want to be” because these numbers are too general insofar as the specific purchaser is concerned. This is the very reason why I’ve asked in the past that if you’re a purchaser and your price range is $150K-$200K, what do you care what’s going on in the $750K and greater price strata of the market [and vice-versa]?

    When Guy posts his numbers and we draw our conclusions therefrom, by definition we’re talking about the market as a whole. But when you or I is interested in purchasing something specific within that market, Guy’s general numbers are not good enough. Because we need to focus on data specific to our particular concerns, that data may suggest something far different.

    So should we stop talking about the market as a whole? And if so, who’s price strata of that market should we focus on? You see, it’s really a lose, lose proposition because we can never appease everyone [they’ll respond that if the market is so “rosy,” how do you explain some specific anomaly within their price strata or geographical locale?].

  34. Sleezy

    Ppsf HAS fallen off a cliff!

    Arecwe not reading the same data?

  35. smarten

    No Derrick, we “arec”n’t reading the same data.

    According to Guy, PPSF for 8/09 was $102.64. PPSF for 8/10 was $97.54. This represents a 4.96% decline.

    I don’t know where you come from [oh I fogot; Spanish Springs] but where I come from, 4.96% in 13 months makes not a cliff.

  36. Sully

    smarten, I did say we need a GPS for real estate. I don’t know the answer. Using my own purchase in Apr 09 as an example. Zillow showed my house increasing in value (since purchase) to about a 32% gain. Since about Sep 09 it’s showing a steady decline to what right now is an 8% gain. So apparently I lost 24% in price appreciation of my house. However, using the median data you would think the range would be more limited.

    That is why I content the median numbers are showing the comfort zone of the buyers and not the valuation of the market (house prices). Which is not to say you should throw the baby out with the bathwater, but numbers can be misleading and I believe these numbers are misleading.

    Now that the final selling month is in full swing, we can just sit back and wait for the Sep and Oct numbers to come out.

  37. skeptical

    Smarten,
    The more pertinent comparison is July to August of 2010, as August possibly begins to show the effect of the new, non-tax credit era in which we live.

    $101.84 (July 2010 PPSF) – $97.54 (August 2010 PPSF) = $4.30

    -$4.30 per month x 12 months = -$51.60 per annum.

    Now, I am not in any way trying to infer that PPSF will be cut in half over the next year, but this big drop over 436 sales should be seriously considered by anyone in the market.

    The last drop this big was in Mar 2009, and the market hasn’t been above the Mar 2009 PPSF since. That was a large and lasting drop, and the drop in Aug 2010 may be as well.

    Please stop hammering on people for their biases when your own biases are so very obvious.

  38. Johny come lately

    Smarten,
    If you looked at August 09’s car sales number, you will notice that sales were up almost 60% from the previous year and almost 90% from the previous month. So to the casual observer that period represented a huge rebound in sales.
    Of course we all know these sales were artificial, as they resulted from the “cash for clunkers” program.
    The current housing condition is the exact same situation ie. a result of the biggest, baddest government intervention mankind has ever known.
    Bottom line is we find ourselves in the midst of an artificial market. However this artificial market cannot continue forever. One day it will end and we’ll find ourselves in a free market.
    And the thing that defines all free markets is that pesky little matter called price discovery.
    When she finally raises her ugly head in Reno…well all I can say, is look out below.

  39. Joe

    Smarten, I understand your point of view, but I don’t think we’ll ever agree on how to accurately describe what is the Reno real estate market. Know one can deny that median sale price has been steady, but from that fact, you call it a “fact that the residential real estate market hasn’t tanked even more in tha last year.” While maybe not ‘tanking’, I see the market weakening even as the median holds steady. Weakening, because it takes less of a buyer’s money to buy a more quality home right now than it did a year ago. You are correct that there’s no way to prove this, and there are no monthly numbers to show it’s true. But when it comes to seeing what my money could have purchased a year ago as compared to today, all I see are homes losing ‘value’ almost monthly, and in a market with a steady median. I don’t expect you to see my view, but you see, I’m getting fairly anxious to finally buy something, and I need market information that will help me feel confident that I shouldn’t have waited another year to buy. And the median price in this market to me doesn’t provide any insight into future purchasing power of one’s $. I do enjoy your comments, however, and they are obviously helpful despite our difference of opinions.

  40. smarten

    Joe –

    Are you looking at SFRs that are selling for $160K and under? If so, are you able to purchase more/less house than you were ablve to purchase three months ago?

    Assuming not, that’s my point. You’re seeing that you can purchase more house/dollar because the prices of homes selling for more than the median sales price [which I assume is the price strata you’re looking at] are coming down. And because they’re coming down, there are a greater percentage of sales above the median sales price. And as a result, the median sales price is increasing.

    I would venture to guess that the buyer looking to purchase a $125K SFR isn’t seeing what you’re seeing. I would guess he/she sees stability.

    I would also venture to guess that you won’t see buying opportunities representing greater and greater value once the median sales price increases to whatever price strata you happen to be looking in.

    BTW and IMO, if you go through life worrying about whether you will be paying too much for whatever, you’ll never purchase anything. And eventually, the market will pass you by. Then you’ll be complaining that you should’ve, could’ve and would’ve but for whatever.

    Now to the rest of you, let’s just ask Guy to stop publishing the data he does each month because it’s obviously irrelevant. I think the purpose of Guy’s postings are to spot trends so we can make educated guesses as to where the Reno/Sparks SFR is going. But to you permabears you could care less because there are other factors at play [I’ll know it when I see it; government intervention; the first time homebuyers’ credit; historically low interest rates; high unemployment; shadow inventory; the high number of distress sales; the number of earthquakes over 3.1 in Verdi; etc., etc., etc.]. Skeptical, you told us you would accept the fact the market had stabilized if the median sales price did not tank after expiration of the homebuyers’ tax credit. What happened?

  41. Martin

    Joe,

    What you are describing is what has recieved a lot of attention on this blog in months past. It is the bifurcated nature of the Reno housing market. Reasonable people can disagree as to what point marks the bifurcation. Maybe it is $250K. Maybe it is $300K. Somewhere in that range. Houses above the point of bifurcation are still declining in value. How many people have pointed this out over the past several months? Dozens of people like yourself who are out there actually looking at houses all say the same thing: that they can buy more house today than they could have a year ago for the same money.
    Some people for whatever agenda they may have just refuse to acknowledge this fact that is onvious to anybody who is on the ground looking at houses priced over $300K.

  42. MikeZ

    Houses above the point of bifurcation are still declining in value.

    Bifurcations, when they exist, are ephemeral phenomena.

    Except when there is a hard demarcation point (eg: jumbo/non-jumbo) and evidence to support a market split (eg: jumbos unavailable), it’s all one big market.

    When the $350K home drops in value to $300K, the $300K home drops in value, also. This happens all the way up and down the value ladder.

    From your description, you’re seeing falling *asking* prices in the higher bands, not selling prices.

    How many people have pointed this out over the past several months?

    Lots of people have made that claim, but none have presented any real data.

    Quite a few have confused falling asking prices with falling home prices, which is what I think you’re doing.

  43. Sully

    “Quite a few have confused falling asking prices with falling home prices.”

    Right, I forgot these are orthogonal! 🙂

    some suggestion MikeZ:

    Def Jam
    Comedy Central
    Last Comic Standing

    All good places for a comedian to get a start.

  44. Sleezy

    So a 5% ppsf drop in only 1 month is no big deal smarten?

    I could see it not being a big dea
    On an annual basis, but we are talking 1 month !

  45. skeptical

    Smarten,
    Rereading my last post, I don’t see how you’ve responded to the pertinent point. Does this drop in PPSF in August not give you pause?

    You keep asking about the metrics to define the market. Case-Schiller methodology is the answer. It would support or refute those who believe that their dollar buys more/better house each month. I’ve stated this on many occasions, but it hasn’t seemed to register.

    I believe that the jury is still out. I am surprised that median has held up (despite my own prediction as documented in Guy’s thread of last year).

    All that said, I remain, as my favorite financial guru quotes at the top of his site, “often wrong, never in doubt…..”

  46. Smarten's Vanishing Equity

    MikeZ said,
    in September 13th, 2010 at 8:32 pm

    “When the $350K home drops in value to $300K, the $300K home drops in value, also. This happens all the way up and down the value ladder.”

    While I don’t agree with most of his utterances, MikeZ is spot on here. There is no such thing as a bifurcation in the housing market. That’s pure fantasy, there is zero evidence to support it, and I’m not sure who first dreamed it up.

  47. DownButNotOut

    SVE – so the $50K home you can now have for free? Then how come if your shopping for a $160k home not a lot has changed?

  48. Sully

    For all you researchers:

    Welcome to the new Washoe County Website
    You may have noticed that washoecounty.us has undergone a fairly major makeover. And it’s not just a facelift- we’ve added a variety of new technologies and options to help make your visit to the site quick and easy.

    Don’t believe the quick and easy part. I typed in an exact address 10 minutes ago and still waiting…….

  49. Sully

    Still waiting, I found a work around that is real fast. Use the online service option at the top for property info. It’s almost instantaneous.

  50. Loretta

    There’s a great deal available on a casino located in the ghetto on South Lake Street. That’s a nice executive-level home!

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