Interesting article in the Reno Gazette-Journal on the rise in the number of properties being “flipped” — a 62 percent increase in the first-half of 2012 over the same period last year.
Read the story here: Reno-Sparks sees rise in flip sales
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BanteringBear
The greater Reno-Sparks real estate market has, again, turned into an unsustainable speculators feeding frenzy. This is merely a distortion before another very painful leg down. Anyone foolishly buying into a “recovery” will be sorely disappointed. One brief look at the local unemployment rolls tells the real story. Worldwide, all housing bubbles have finally peaked and are now in full correction mode. The global depression is well underway. That’s why Bernanke pledged unlimited QE. He knows how terribly bad things are. The idea that Reno real estate will be recovering through this global meltdown is more hilarious than words can describe.
Twister
Good stuff, Guy and an interesting report! Is it a realistic game of hot potato or are investors just a little too jumpy for their own good? Only time will tell. One thing is for certain, if I’m analyzing this data right, investors in Nevada real estate are more skiddish than the rest of the country in general.
MikeZ
When’s the next leg down Bear? Go ahead and call it …
tyler durden
happy days are here again or is impending inflation?
BanteringBear
The second post bearing my nickname was not by me. It is likely the spoiled child from upstate NY who lives off mommy and daddy.
MikeZ
Well, Bear, prices look pretty stable right now in Reno. Unemployment is still high but also stable and median price is in line with median household income … so I don’t see why there would be another leg down, unless the economy suddenly turns worse.
Why not take a few minutes and explain why you see a “next leg down” and when?
tyler durden
bantering bear must be miserable because of this rebound
his whole identity is pinned on doom and gloom
BanteringBear
I think it’s time Guy did something about the fake posts. This is my third post in this thread, and Guy can clearly see this by my e-mail address. I have a feeling that MikeZ is also being impersonated, though I’m not sure. Please delete the fake posts, Guy.
Guy Johnson
BB, I believe I have removed the posts that were posing as you and MikeZ. Let me know if you see any that I have missed.
MikeZ
Thanks, Guy, you missed one: “September 23, 2012 at 6:38 PM” is not me.
Guy Johnson
Thanks, Mike. I took care of it.
piotrsko
Why make it EASIER for flippers to make more money? It is not like they are preforming Pro Bono public service for the welfare of the public.