Sacramento's distressed real estate market seems to be recovering. They usually fall faster and recover faster than the Reno-Tahoe markets. Follow the link to the article in the Sacramento Business Journal discussing a recent report on their market by CoreLogic.
Just a two hour drive over the hill, Reno's market has stabilized and has been described lately as "balanced".
I believe the deepest channel in the river of distress has been crossed. Reminds me of an old western. Often the worst hardship, next to an Indian attack, was crossing a swift river.
Tahoe prices are still pudgy due to competing bank owned deals (which are selling), however, some very big dollar purchases within Incline in January and February indicate that the smart money has called the bottom.
I suspect that the summer buying season here in Lake Tahoe will be notably improved over last year, especially since the Bay Area enterprise technology firms are producing great earnings.
A CNBC guest today noted that the S&P 500 is in the second year of recovery. The market is a prime leading indicator and it is definitely leading us upward. I know, this time it is different for real estate due to bank greed. Nonetheless, the direction of the curve is upward and cannot be denied. Keep your fingers crossed.
