RENO (AP) - Assessed property values in Washoe County could drop by $2 billion as a result of record levels of foreclosures and declining home prices.
County property values published this week mark an 11.24 percent decline in assessed value.
In Washoe County, the median home value of $182,950 is 48 percent below the peak of $350,000 in 2005.
Assessor Josh Wilson says he doesn't believe the housing market will stabilize until after low interest rates or balloon payments made at the height of the housing boom in 2005 come due next year.
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