We've been watching the market here and besides the normal meltdown, we've noticed that banks are dropping prices something like 40% in the last day or so. Some houses have been selling for $11,000 or $13,000. I don't know how this is working, I'm sure those are auction prices but some of them zestimate at $200,000. But all of a sudden there is an influx of new inventory and prices are going through the floor in the last few days.

The moratorium on foreclosures expired.
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I hate to say it but for more than a decade prices have been way over priced IMO. About 7 years ago I was looking in Reno at a 1400sq ft home with 3 bed/1.5 bath on less than .25 acre that was listed for over $250,000. My reaction = . I then knew I wasn't going to live there and moved to Fallon and got a good job there with a 2400sq foot home 4 bed/2bath on a full acre for $177,000. My reaction =

I guess that the local markets are a supply and demand quality and if houses are selling at "inflated" prices then I guess they are not so inflated. Kinda like ammo and AR's. People have been bitching about the prices for years. Yet they keep buying. So why should retailers lower the prices?? I sure as hell wouldn't.

People have stopped buying houses.....and majically the prices come down.

Reno> Fallon.  One major reason you got a house for a cheap price.


I'm hoping that the market stays like this for a while.  I'm looking at getting a good paying job soon and I'd LOVE to get a house and put all my time money and effort into flipping it in preperation of the market turning around.  Nothing like a 10 year old house with new bathrooms, appliances, counter tops and wired for the 21st century.

I wish I had the money for get a couple of homes right now. To do the same thing.

Exactly why we were glad we locked in on our home sale before the market was flooded with supply again.

eta:  The figures we heard were something like HUD releasing 5000 new foreclosures per month to the housing market beginning June 1st (or was it July 1st?).  Crazy.  The Hope and Change deadline passed.

I would move to Reno if given the choice.  I was just there for 4 days and loved the peace and quiet..We saw a few houses that were decent price for the location too..I am so over Vegas and this circus.  If we sold our house we could get one there for what our house is NOW worth..ans it would have land with it..

Unless you are selling or trying to borrow against your house (!) it does not really matter.

I have been watching craigs list and there are a ton of homes that are in the 100-175 area that were easily 250+ a couple years ago when I moved down here.

My plan is to get my truck paid off sometime in the next year and then look for a house.

Good time to buy. Get in before the mass exodus gets in full gear.



 

I picked up a 2 bdrm 2 bath Condo in North Reno for 70K when I got out of the Army in '04. Fortunately, I didn't use my VA Loan for it. One just like it just sold for 40K. Ouch.

Now, I REALLY want to get out of here, but I'm not sure the best way to go about it. My wife has since picked up a good government job, and I'm sure we could rent this place out for about what we pay in mortgage each month, but I don't know how to convince anyone to give us a loan when we're 25K in the hole on this place, and right now my "job" is going to school (GI Bill is paying me ~2k a month to do that.) I suppose we'll have to wait until I get a real job, appling for the Police Dept now, have my tests on Tuesday. Hopefully that goes well.

I'm not sure why I posted any of that...

Have a condo in Sparks that I could sell and still make a profit albiet not much of one. My home in sparks in SOL. It is upside down. I have both rented.
I'm exiled in Texas with work which there is none for what I do in Reno.
I am disgusted depressed and saddened and stuck where I don't belong.