Reno took the #3 spot on Wall Street Cheat Sheet‘s 10 Cities With the Highest Home Price Increases. According to the description accompanying Reno, Nevada: unemployment is down to levels not seen since the recession began; May marked the fourth consecutive month of economic expansion; and the appreciation in home prices is some of the highest in the country. See the piece here.
I'm Your Guy!
775-722-4011
Lynne B
I’m not seeing all this economic growth in Reno & at least where I live (SW Reno) houses are not selling very fast. I don’t know anyone personally who has gotten a pay raise and I am not seeing a lot of new job listings. The “only” 131K looking for work” claim ignores the huge numbers who quit looking and have been out of the job market for so long that they are probably unemployable.
My son lives in Martinez Ca. home prices there have increased by 57% in a year. He tried for about a year to buy a house but all cash buyers were closing deals for over the asking price within hours of homes coming on the market. For now, he’s given up-he said he will keep renting rather than chase the market. By the way, unemployment in that particular county at the end of May was 6.7 which makes the price increases seem a little more plausible than those in Reno.
Move to Reno
Cash is king. People have to be thrifty and save their money instead of wasting it on junk. I paid cash for my house. Somebody offered the bank $10k more if it would take financing. The bank said “No thanks” and I got the house which has gone up in value by 35%.