HOUSINGNEWS REPORT
NEVADA HOUSING SPOTLIGHT
sold to us because the owner needs a quick sell strategy,” he said. “They have equity in the property and they have a situation.” The TRIC up Reno’s Sleeve Although reverberations from the housing crash are still being felt in Las Vegas, its economy and housing market are benefitting from a statewide push to attract businesses to the state. The CBER report noted that the Governor’s Office of Economic Development has “pursued an aggressive policy of attracting high- tech and other firms to Nevada, giving tax abatements as an incentive to locate in Nevada.” That statewide policy has landed the Silver State a number of big fish when it comes to corporate migration — both in Reno and Vegas — but Reno has upped the ante with its new Tahoe Reno Industrial Center (TRIC) located
just south of Reno and Sparks and Northeast of Lake Tahoe. Big-name companies are relocating to the TRIC to take advantage of tax abatements and lots of available space. Some of the biggest new tenants include the Tesla Gigafactory 1, Google, Apple, Switch and Rackspace.
September 2017, according to the BLS. Additionally, the State Demographer’s office is projecting steady population growth of 1.7 percent per year every year from 2017 through 2021 for Washoe County. “Reno is affected by activity at the TRIC,” said Stephen Miller, UNLV economics professor and director of
Unemployment was down in the Reno metro area to 4.0 percent as of
“Reno is affected by activity at the TRIC (Tahoe Reno Industrial Center). In the situation in Reno, I would say that speculators are driving up prices today, which will stimulate construction so that employment and population grow. Prices will not be as high tomorrow because of the speculation today.”
STEPHEN MILLER UNLV ECONOMICS PROFESSOR
EQUITY RICH IN RENO
L INGERING DISTRESS IN LAS VEGAS SHORT SALES SHARE FORECLOSURE AUCTION SHARE
SHARE OF SERIOUSLY UNDERWATER HOMES (LTV 125+)
SHARE OF EQUITY RICH HOMES (LTV 50 OR LESS)
BANK-OWNED SALES SHARE
3.5%
30.1%
WASHOE COUNTY, NV (RENO)
8.6%
4.4%
0.7%
2.3%
16.8%
6.7%
CLARK COUNTY, NV (LAS VEGAS)
3.3%
20.2%
LAS VEGAS, NV
RENO, NV
22
NOVEMBER 2017 | ATTOM DATA SOLUTIONS
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