The Gazette finally got hold of the Reno housing depreciation forecast for 2008, so now the whole town knows. Think this will impact price reductions? Let’s track it! Reductions = 54 per NNRMLS. read
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The Gazette finally got hold of the Reno housing depreciation forecast for 2008, so now the whole town knows. Think this will impact price reductions? Let’s track it! Reductions = 54 per NNRMLS. read
gotlots
“With existing homes, we will get bit in the ass by the investors who tried to make that flip and got caught short,” Bonnefant said. “That will drive the prices down. That will put the pressure on that decrease even more so than people just trying to move and buy a better house.”
Uh, is this sort of like saying that if one seeks to lock in declining value on a house in Reno, there has necer been a better time to buy ?
Reno Ignoramus
Diane:
Is that a picture of a balloon of one of those St. Joseph statues that distressed sellers have been burying in their gardens?
The Grand Wazoo
One thing that has yet to be factored into the house value metrics is how many of the house sales in the last 18 months were financed by phoney-baloney pie in the sky “don’t worry, your property will appreciate 20% every year and you can always re-finance” kind of mortages. Those homes are going to be in fire-sale mode in a year or so when the grace period on those mortages expires and the interest rate jumps beyond what the marginal borrower can afford – and for sure it was the marginal borrower doing those kind of mortages.
I summer/fall of 2007 is going to be interesting …
Diane Cohn
That’s actually Jesus. I thought he might carry a little more weight than St Joseph… 😉
Wazzup
Sunday: So Cal, who let the cat outta the bag? The hottest property today was a prime spot on the street corner for your sign and flag. Desperation time!!!