But it's hard to rule out the double digit yearly increase for another year or two. Why? Because when the market bottomed in 2010, there really was no concrete reason why it did. Local economy was really struggling (unemployment rate at 11%, residential AND commercial at historical lows, etc.)
The Drop: Reno home values declined EARLIER -- much earlier -- than San Francisco's. By 2005, Reno home values was already losing strength -- fast. While SF didn't decline as much until 2008. Interesting stuff.
Remember that famous advertising quote by John Caples: "I have seen one advertisement sell 19 and a half times as much goods as another." It's not that different with buying or selling a home
We are doing some major repairs to our 7-year old site. (BUT everything is working just right except "search Homes" feature.)
We are on year two (2012 is when we first hit positive territory for Reno home prices.) on a positive direction with Reno home prices. Historically, housing markets go up for about five years. It could be longer than that. It could be shorter.