I read this article today in the Reno Gazette and found it interesting:
Impressive population growth and strong per-capita income will help lift the Reno-Sparks region from its housing slump, possibly by the end of next year, a noted economist told a Minden audience on Wednesday.”Reno is going to come back stronger than Las Vegas,” Eugenio Aleman, senior economist at Wells Fargo Bank, said during the annual “Economic Outlook” sponsored by the Northern Nevada Development Authority, Carson Valley Chamber of Commerce and Business Council of Douglas County.Aleman acknowledged Nevada’s rising unemployment, particularly in the construction industry, and its housing slump after several years earlier in this decade of remarkable, sometimes double-digit, growth.But people are still moving to Nevada, he said, and that will continue to feed potential home buyers into the Reno and Las Vegas regions.”That should support a strong recovery in the housing market,” Aleman told his audience of about 130 people, adding that while Reno could recover by the end of 2008, California will take longer.Whether the nation is on the verge of economic recession is open to question, Aleman said.He cited tepid growth in manufacturing and services sectors, saying he believes they will continue to weaken but so far sees no signs of recession.”I don’t believe the U.S. economy will fall apart,” he said. “I don’t think the conditions are there for recession. The probability is up considerably. But I don’t think it’s in the near future.”And the housing slump does not create a recession, he said, adding, “Home sales are down, but it could be worse. There’s still plenty of room.”He said his worry in the coming year is the American consumer whose spending drives the economy and, in the wake of the housing falloff, is finding it more difficult to borrow money.”As consumers, we’ve been having a party for the last 16 years, but no longer with tightening credit standards,” Aleman said. “My concern is no one’s lending so it doesn’t matter about interest rates. We don’t save, and we have been borrowing like crazy.”Reno Gazette Journal, November 29, 2007
2963 Stonebridge Trail. It is highly upgraded (granite kitchen, Italian tile, water features, etc.) and has 5 bedroom, 4/12 baths. an is 3904 SF. The price was just reduced to $799,000 which makes his home an absolute steal.
The other home is a custom home located at 10300 Rainmaker Ct. This home is located in one of the most up-scale ArrowCreek neighborhoods where most of the homes are valued in the close $2 million range.
