Reno gains
There's one advantage to being at the bottom of national rankings. Any movement up looks impressive. Reno found itself bracketed with Detroit last week when housing gains were posted.
Detroit and Reno led a national housing recovery list, according to Realtor.com's “Turnaround Towns” report for the third quarter of 2013. The median listing prices for Detroit were up 44.3 percent, and 28.2 percent in Reno.
Of greater import is a new Nevada Housing Stability Index giving the state its best showing since January 2007, which happens to be the month from which most economists date the start of the recession, though it probably started earlier in Nevada.
According to the index, nine of the 12 indices used to measure housing stability showed improvement during the third quarter, with six of the 12 scoring average or above average on the grading scale.
“Areas that did not see significant improvements during the quarter include the pace of sales and a delinquency rate of 8.4 percent of borrowers being 90-plus-days delinquent,” according to an accompanying statement from the state Department of Business and Industry.
The report can be read at business.nv.gov/News_Media/Publications.