The answer may surprise you. According to data provided by Fiserv Case Shiller Indexes, Reno, Nevada’s projected annual growth from 2011 to 2016 will be 9.3%. In fact, Reno ranked 8th on the list of The Best Housing Markets For The Next 5 Years list.
What city came in at #1? Carson City, Nevada – with a projected annualized appreciation of 11.9% from 2011 to 2016.
If you’re curious about what will be The 15 Worst Housing Markets For The Next Five Years, click the link.
Speaking of recent lists, RealtyTrac released its 2011 Midyear Metro Foreclosure Rates report last week. Reno-Sparks, Nevada ranked in the top 10 metro areas with the highest rate of foreclosure filings in the country – coming in at 7th place with foreclosure filing rate of 2.96 percent, or 1 in every 34 households.
See the RealtyTrac report here: 84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011
bonanza
Waiting for all the Debbie Downers…3..2…1….hello?
SenatorCity
I an no Debbie Downer, but I am a realist who happens to live in Carson City. Houses here are going to appeciate 12% a year for the next 5 year starting today?
12% appreciation a year? During the bubble houses in Carson City went up about 12% a year. We gonna start handing out nothing down, no doc, neg am liar loans to busboys again? 13% unemployment here. Huge inventory of foreclosures yet to hit the market. Three houses within sight of my front yard are in foreclosure.
12% appreciation a year, starting today?
My ass.
cheech and chong
Guy it is puff puff pass
not puff puff puff puff puff
can you please share the bong hits with us all
Hudson
Carson City is a gem….wonder why Fernley didn’t make that list.
Anonymous Coward
If somebody thought that Reno and Carson had bottomed and would start SLOWLY increasing over the next few years (say, 12% over the next 5 years), I’d respectfully disagree, but their projections would at least seem to be within the realm of possibility. But Carson appreciating 12% annually for the next 5 years? That seems so ludicrous that I don’t know what to say.
Does anyone know what these projections were based on? The linked article didn’t appear to have any explanation/details.
Sully
AC, I agree these projections seem far out. Must be a parallel reality – you know the same one Obama lives in!
Guy Johnson
cheech and chong, LOL. They’re not my numbers. I’m just passing along the story. 🙂
Btw, if my math is correct, given Reno’s YTD median of $155,000, according to these projections Reno’s median house price should be $241,787.
cheech and chong
Now I understand Guy’s rah rah rah housing market post’s
The Mota
te gusta mota?
CommercialLender
There is 1 very unsettling but possible way a 12% annual increase could happen: massive inflation. All the ingredients are in place and have been for a while. Of course, values would only be supportable at those levels if jobs tighten and incomes rise with the same speed as would the inflation, which I would predict neither as very likely.
As for 12% in any other scenario such as normal market pressures even despite the rising tide of echo boomers, I just cannot make a sensible case to support it.