Its population reached the number of 180,480 with a median household income of $40,530. Here in Reno, you can find the house of your imagination, from new homes in a well- designed communities to the elegant condominiums that converted from old casinos. Currently, there are brilliant opportunities that are available in one of the many new building homes that have been built lately.

It is easy to enjoy the beautiful environment from Reno which is conveniently located at Lake Tahoe. Here, there is always something for everyone. A person of any age, whether you are young and looking for your very first home and just want to enjoy Downtown Reno’s famous nightlife or you are old enough to retire and looking for a house where you can relax and just want spend time unwinding with a golf course view, only here where you can find home.

September of this year, the home sales were down 7 percent from September last year, 2009 wherein 309 homes are sold and yet still quite a bit lower compared from June, 2010 which 399 homes are sold. The September’s median sold home value was $175,000 and 11 percent drop from September last year, 2009. The Reno Months of Inventory for October is at 7.5 months and were down 8 percent from October last year and to some extent went up from previous months based on the decrease in the volume of sales.

The Reno Real Estate market is a buyer’s market with competition for a reasonably priced, bank- owned, homes high. The below $150,000 is the most active for cash buyers and investors of second homes from California. Even though short sales are abundant with lots of priced below the present market value without bank approval, the buyers seem to be eager to pay a little more for an exact closing on a home.

The latest government programs for short sale pre- approval, and reforming the closing process seems to have a slight effect on the current inventory, and closing ratios as of yet. The banks are still foreclosing on short sales with supplys on them because of the listing agents under pricing and from not having approval from banks. Foreclosure inventory seems to be being released very slowly on the market to maintain the prices high and the competition for the more attractive homes is intense.

A mortgage is a loan to purchase a property. A mortgage uses the property as collateral to guarantee repayment of the loan. The borrower gives the lender a lien against the property, and the lender can foreclose on the property if the borrower does not repay the loan per the agreed terms.. a mortgage in itself is not a debt, it is evidence of a debt.

On the other hand LOAN is “An act of lending; a grant for temporary use: asked for the loan of a garden hose.”
So, simply is something that someone lends you. You can ask for a loan to a bank or a private lender and you can ask your neighbour for the loan of the garden hose… and when you finally stop using it, you have to give it back. Of course in the case of the hose you might not have to pay interest… or perhaps your neighbor asks you for beer or a cup of tea as retribution. In case of asking for a loan in a bank or a private lender, you will have to pay interest.

If you need to borrow a hose to a neighbor, you will think about which one is more close to you, perhaps your friend, and the one you have no troubles with!!! You won’t ask for the hose to that neighbor you have to argue all the time because one of his tree’s branch is on your property and you have to clean the leaves!

Well, with home loans is almost the same: you won’t ask for a loan to that bank that is calling you every day to ask you for the money you already own them!

Principal differences:
-In a mortgage, your mortgagee can sell your property to collect the money. This is called foreclosure. In a loan, even if it is secured by a mortgage, you still have full title to the property. No one else has rights of ownership.

- The word mortgage is derived from two other words “mort”=death “gage”=grip. When you have a mortgage the lender has you in a death grip. A loan is just something you borrow,