Reno Real Estate Blog - Reno Real Estate News

Treasury pushing for 4.5% interest rates

The treasury department has presented a plan to loan banks money at 3% so they could in turn loan it to new home buyers at 4.5% and actually make a 1.5% profit. It is currently in the developmental stage and may not take effect until Obama is in office. "This will definitely stimulate sales and get buyers who are on the fence to make a move". What it does not do is address the foreclosure issue, well I guess in a way it does. In this current market, most of the foreclosures in the Reno Real estate market are in the lower price ranges so it would start to chip away at the vast inventory of homes on the market. Right now we have a 13 month inventory of homes on the market, meaning at the current pace it would take that long to sell all the homes on the…

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10 Fun Things To Do In and Around the Reno Area

(This is the 1st in a series of blogs about the many fun things to do in Reno and the surrounding areas)

Take a drive to Virginia City (about 23 miles outside Reno) and plan to stay for a few hours.  It’s about a 30 – 45 minute drive up a curvy road and well worth it.  Park your car and walk up the old wooden walkways to all the stores, saloons, museums and more.  Take a train ride through the historic mining areas, it takes about 35 minutes.  Take the kids through the fudge factory and watch them make all sorts of sweets and of course taste them all.  You can even take a tour of an old mine.  One of the many historic buildings include Pipers Opera House.  Built in 1885 and still being used.  Mark Twain, Buffalo Bill and President Grant were among…

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Government announces Mortgage relief effort

It does not come without some resistance.  It is focused on loans either owned or guaranteed by Fannie Mae and Freddie Mac. It is for homeowners who are at least 3 months behind on their mortgage and owe 90% or more than the house is worth. They will either reduce total housing expense to 38% of your gross income or extend your mortgage from 30 to 40 years or defer some of the principal and make it interest only so distressed home owners can stay in their homes.

There are a lot of homeowners out there who are making their payments that are saying, "This is not fair". Consider this, real estate values are going down faster now than in the 1930’s and if these troubled homeowners do not get help they will lose their homes and now you face another…

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