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RENO, Nev. (AP) - Experts agree northern Nevada's economy took a dive in 2007. What they can't predict is whether the worst is over and when things will improve.
During an economic forum in Reno, most real estate agents and economists said they believe better time are ahead.
They point to an easing in the decline of median home prices. Though they're still dropping, real estate agents say that means prices are getting closer to the bottom.
But a John Mitchell, a retired Western region economist for US Bank, says the housing market may not hit bottom until next year.
Mitchell called the past year a "wild time" in the housing industry with sizable drops in new homes built and even steeper declines in new-home permits.
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Information from: Reno Gazette-Journal, http://www.rgj.com
During an economic forum in Reno, most real estate agents and economists said they believe better time are ahead.
They point to an easing in the decline of median home prices. Though they're still dropping, real estate agents say that means prices are getting closer to the bottom.
But a John Mitchell, a retired Western region economist for US Bank, says the housing market may not hit bottom until next year.
Mitchell called the past year a "wild time" in the housing industry with sizable drops in new homes built and even steeper declines in new-home permits.
---
Information from: Reno Gazette-Journal, http://www.rgj.com
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