Nevada Housing Prices Has Yet to Find a Bottom – Federal Housing Agency Data Suggests

by Joe Salcedo on 5:55 am

Federal Housing Finance Agency

It’s never a jolly time when you get hit by a seemingly-never-ending-struggling market report.  But swallow the bitter reality pill you must, my friend.  Everyone has different needs, and the best way to make use of data of this sort is to allow it to furnish your instinct before  making a major real estate decision.

This latest data was dug up from the Federal Housing Agency, faithfully reporting on the quarterly housing price movement in the State of Nevada.  Here’s the last six quarters housing price movement:

  • 2011 (2nd Quarter):  -13.43
  • 2010 (1st): -12.40
  • 2011 (1’st):  -8.96
  • 2010 (2nd): -8.46
  • 2010 (4’th): -6.56
  • 2010 (3’rd): -6.07

As you can see above, real estate values in Nevada continue to go down the last six quarters.

How to interpret this data? If you’re on the fence in doing a short sale, thinking the Lake Tahoe market might soon be on the upside, it might be safer if you calculate the market to go a few more years of shedding home values.

Yes, I know all markets are local, and there are signs of life in the Lake Tahoe real estate market, and besides, this is merely a wide ranging view of our State.  But lest you forget, ‘the apple does not fall far from the tree’ either.  If I may say it again, carefully consider your options in doing a short sale or ‘just keep it’ — there are far more personal variables than market conditions that should be taken in consideration.

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