Reno real estate: "night is darkest just before dawn"

picture by: Jim Patterson

"The banks are going to unleash hell by flooding the market with REO's."

"More REO's in the market soon! Says expert."

"Loan modifications begin to default on mortgage payments again! Will prolong real estate depression."

Gloomy predictions. Do we take heed? Maybe.

But how's panic going to help us? I won't argue that these dire predictions come from a market truth--we're still not over the hump. But we also need to see the numbers:

Demand continues to soar:

Supply is all time low:

"The night is darkest just before dawn"

The Reno real estate market reached it's peak in late 2005.  By 2006 in started to decline. We're heading to our fifth year of real estate recession.  History tells us that real estate downturns take 3-5 years.

$150,000 and below are beginning to stabilize, just ask the first time home buyers who are fighting it our on multiple offers.  Wait 'til summer comes. 

I think it's time to hope.