Reno real estate prices have definitely moved higher, at least for properties priced under, perhaps $200,000. The reasons are myriad including bargain hunters, and the $8000 tax credit from the Feds.
I’m not quite so sure about those properties in higher price ranges. Different segments of the market move at different times, and at different rates.
I think we are beginning to see more luxury home foreclosures and short sales.
Other factors, not been completely considered are the coming “crisis” in commercial properties, the huge number of alt-A loans still due to reset and the massive unemployment numbers. An earlier post showed Nevada at about a reported 13.4% with the real numbers probably well over 20%.
Industry members mostly put on an optimistic face, and in “normal” times I could agree. However, these are not normal times and I believe that the government is not yet done doing its’ mischief.
One opinion In agreement with this post can be seen here.