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Las Vegas Real Estate Showing Signs of Life
2008-05-29 04:02:00 I just came across a great post about the Las Vegas Real Estate Market I wanted to share with everyone. I completely agree with the author of this post. There are segments of our market that are hot right now. With over 60% of all the transactions closing right now being foreclosures, resales ...
April 2008 Las Vegas Market Report
2008-05-22 00:00:00 April 2008 monthly default notices: 4,681 (down 599) April 2008 monthly REO property totals: 2,260 (up 226) April 2008 number of trustee sales: 5,321 (up 1,241) April 2008 number of listed homes: 25,949 (down 106) April 2008 sold homes: 1,998 (up 409) As you can see by the number of trustee sales still increasing, this directly affects the number of REO properties continuing to emmerge in the market. Most REO properties take an average of 60-90 days to list once they are foreclosed on. By looking at the data you can see that buying activity is definitely increasing but the prices of homes will continue to drop over the next 6-9 months while all of these REO properties
Las Vegas- ?A Glut Of Glitzy Homes?
2008-05-11 09:01:00 It doesn’t take long for the new to become old in Las Vegas: LAS VEGAS — They blow up aging casinos in this town. Now, some are wondering what to do about yesterday’s desert dream homes. The housing slump has fattened the inventory of unsold homes throughout the country. But there’s another twist to ...
By: HousingDoom
Las Vegas Median Price At Lowest Level In Four Years
2008-05-08 09:02:00 According to data released by the Greater Las Vegas Association of Realtors, the median price of single family homes in Las Vegas fell 22.7% in April, from $305,000 in April 2007 to $235,875 in April 2008. Prices haven’t been this low since February 2004, when the median price was $220,000.
By: HousingDoom
March 2008 Las Vegas Market Report
2008-05-01 00:00:00 March 2008 Default Notices: 5280 February 2008 Default Notices: 4895 March 2008 REO Property Totals: 2034 February 2008 REO Property Totals: 1957 March 2008 Trustee Sales: 4085 February 2008 Trustee Sales: 3639 March 2008 Active Listings: 26055 February 2008 Active Listings: 26940 March 2008 Sold Homes: 1589 February 2008 Sold Homes: 1185 March 2008 BK Filings (CH 13): 367 March 2008 BK Filings (CH 7): 623 February 2008 BK Filings (CH 13): 358 February 2008 BK Filings (CH 7): 605
Las Vegas Housing: Not Affordable Yet, But Getting Closer
2008-04-20 09:01:00 The foreclosures and falling prices in Las Vegas are not all bad: A week-old study assessing housing affordability in Las Vegas is already well past its prime, local analysts say. The 2008 Colorado College "State of the Rockies Report Card" found that just 18.9 percent of the Las Vegas Valley’s housing stock is attainable to workers earning ...
By: HousingDoom
Las Vegas: One Couple, Over 200 Overpriced Properties, 400 Straw Buyers, 1
2008-03-15 08:01:00 One Las Vegas couple has brought mortgage fraud to new heights: [Thanks L!] U.S. Attorney for Nevada Gregory Brower says Eve Mazzarella, 30, and her husband, Steven Grimm, 45, were indicted Wednesday on bank fraud, money laundering and aiding and abetting charges. Grimm was arrested Thursday in Las Vegas and is due to appear ...
By: HousingDoom
A Running History of the Recent Las Vegas Market
2008-02-21 00:00:00 "MAY 2005: After a tumultuous 2004, where prices were reported to have increased over 50% in 12 months, the year ended with a serious plateau in pricing with a slight decrease in the number of available houses on the MLS. Peaking at approximately 12,000 available MLS homes (which does not include hardly any builder inventory homes) in the last quarter, there are currently 9,200 single family residences in Available status (March 12, 2005). This is down 600 houses over a four week period (9,800 on February 4, 2005). While I was expecting approximately 10% appreciation for 2005, I have revised my estimate to be 12-15% for the Las Vegas market. HOME BUYERS For people looking for a home,
Las Vegas Market Conditions June 2005
2008-02-21 00:00:00 "The 2004 appreciation in Las Vegas was reported to exceed 50% in certain zip codes and reported to be above 35% for the entire market. The key to remember is this is the appreciation for 2004, and that definitely does not mean that it is still 36% in 2005. While in January/February I was expecting approximately 10% appreciation for 2005, I have revised my 2005 estimate to be 12-15% for the Las Vegas market. Double digit appreciation is outstanding in any market (especially when leveraged, where you can get 20 times that in ROI). Just dont expect the markets that have exceeded 20% a year to duplicate that performance year after year. I dont think there is a bubble (especially in La
Las Vegas Market Statistics
2008-01-26 00:00:00 Overall Market Facts: 1. 27,844 units on the market in the resale sector which continues to be record levels. 2. Estimated 1367 units sold in December (MLS statistics only does not include new homes or FSBO?s) which is below normal sales levels and year over year numbers. 3. Available overall units in the resale sector remained stable over the past few months. 4. Overall Supply based on current sales statistics indicates a supply surplus of over 16 months of inventory. 5. 46% of the homes currently in ER status are Vacant which is an all time high indicating many speculators and homeowners have bailed on their obligations. 6. Initial Default filings in Clark County in
Casino projects now ?doomed? as well?
2008-01-17 18:49:00 Wow- how bad does it have to be for this to happen? A major casino project on the Strip facing foreclosure: [Hat tip to JW and to M!] The developer of the $3 billion Cosmopolitan Resort & Casino says its lender, Deutsche Bank, filed a notice of foreclosure on the property for a construction loan of $760 ...
By: HousingDoom
?Free Housing? Arrives in Las Vegas
2008-01-04 15:44:00 It was bound to happen sooner or later. Folks looking at empty houses in Las Vegas and deciding "Why pay rent?": [Hat tip to The Judge] On New Year’s Eve, a middle-class neighborhood in southwest Las Vegas discovered new neighbors in foreclosed and formerly vacant homes. James Totland, a nearby resident, said the new residents appeared to ...
By: HousingDoom
Get Two Homes For The Price Of One In Las Vegas
2007-12-05 08:33:00 Many thanks to PR for sending this photo from Las Vegas:
By: HousingDoom
Las Vegas Home Prices Drifting Toward Reality- Haven?t Arrived Yet Though
2007-11-18 18:27:00 The Las Vegas housing market has a long way to fall, but at least home prices are drifting toward the range of sanity: [Thank you Judge!] As the local housing market took off in 2004 and 2005, new construction led the way, with freshly built single-family homes surging toward a median price of $350,000. Local real ...
By: HousingDoom
Las Vegas: If There?s No Demand for BLM Land, Why Sell It?
2007-11-11 08:01:00 We’ve heard time and again how prices would always go up in Las Vegas because of the short supply of land. Even though supply is glutted and demand has disappeared, apparently the BLM wants to sell land badly enough to sell below appraised value: [Hat tip Judge!] The Bureau of Land Management is considering whether to ...
By: HousingDoom
Las Vegas October Home Sales- Welcome Back to 2004
2007-11-06 08:01:00 In Business Las Vegas said last week: [Hat tip Judge!] Las Vegas housing analyst Dennis Smith says it may be 2004 all over again for the valley’s housing market. No, he’s not saying home prices will rapidly appreciate as they did that year and in 2005. Smith says it won’t be long before prices ...
By: HousingDoom
Las Vegas: How wrong is this guy? Help us count the ways
2007-11-03 08:01:00 I’ve got some things to catch up on this weekend, so I’ll be in and out. I could help but think though that the video produced by a Las Vegas realtor deserved a rebuttal:
By: HousingDoom
But They Aren?t Making Any More Land In Las Vegas?.
2007-11-02 15:54:00 A big thank you to "The Judge" for both the link and the headline. For those of us who know and love the Las Vegas real estate pundits, we know that they’ve assured us for years that the limited land in Las Vegas would keep prices headed up, up, up. Consequently, it’s hard for us ...
By: HousingDoom
Las Vegas: September Sales Down 43% YOY, Median Down 8%
2007-10-09 17:06:00 Down remains the operative word in Las Vegas as it hits two new records. One is that with only 990 single family homes sold, this is the first time in many years that sales have fallen below the 1000 mark. The 43% drop in sales year-over-year is the largest year-over-year decline since the Las Vegas ...
By: HousingDoom
Las Vegas Market Snapshot
2007-09-12 06:42:00 Las Vegas Market Snapshot Closings in Boca Raton changes the luxury condo supply. Condo listings jumped 52 units (7%) in 7 days. With a reduction in closed units to only 9 in the last 30 days, supply has extended to 88 months - if last week's numbers were to remain constant. Look for some opportunities in this market segment with the new supply. Foreclosures and short sales continue to make their mark on the market. Closed repo homes accounted for twice their share of the market listings last month. Perception is there are deals out there with bank homes. Pending sales were consistent with the previous week. However, pending sales are down 18% in just the last 6 weeks - the same time our national credit crisis came to the forefront. Home buyers are faced with real financing challenges. Investor money is scarce as well. Lending has become the 2 in a 1-2 punch of oversupply and tough lending. Where are the buyers? There are buyers, some now forced to rent, others now forced to sav...
Las Vegas August Home Sales- the Market is Losing Ground
2007-09-11 17:33:00 The Las Vegas housing market just can’t keep up. Homes continue to come on the market faster than they can be sold. Sales Single family home sales had their smallest month-to-month decline in three months. August sales, at 1,316 homes sold, were virtually unchanged from July’s 1,318 figure. There were a couple of factors that probably helped ...
By: HousingDoom
Las Vegas- Truer Words Were Never Spoken
2007-09-09 17:57:00 I had promised myself to step back from my computer today, but I couldn’t after reading this one.- [Kids, if Sunday dinner is a little late today, blame the Judge for sending this irresistible link.] The Las Vegas Sun is reporting today that Joe Waltuch has been appointed the new head of the Nevada Mortgage Lending ...
By: HousingDoom
Las Vegas Home Sales: Rolling Back Prices to March 2005
2007-08-05 09:28:00 The Greater Las Vegas Association of Realtors [GLVAR] released their numbers for home sales in July, and this report is a real "blast from the past." 1,318 single family homes sold in July- a level not seen since February 2002, and the median price has rolled back to March 2005 levels. Median Price The biggest news is ...
By: HousingDoom
Playing the Odds with Las Vegas Home Prices
2007-07-08 09:03:00 In Friday’s Realty Times, a reader asked the following of Peter Miller, a regular contributor: I‘m currently renting in Nevada. Within the next five years I would like to purchase property here. Right now the home prices are pretty ridiculous. I’m hearing buzz that real estate prices in my area will decline within the next two ...
By: HousingDoom
July's Las Vegas Market Report
2007-07-06 00:00:00 18,698 single family homes on the market today in Las Vegas. Foreclosures and short sales are steadily increasing practically on a daily basis. This is great news for buyers, they can offer low, and it will likely be entertained (it might even be accepted outright). Short sales and pre-foreclosures are under time constraints. Typically about 5-6 months after the process has been started, the property needs to be out of the foreclosing owners hands. The key it to watch listing dates and prices, and count down until the estimated deadlines come close. A good indicator of this is that the slowly dropping price will make a huge jump down (sort of a tell-tale sign), and if you catch it quickly
Las Vegas June Home Sales Flatlined
2007-07-05 09:15:00 Once more, the Las Vegas single family market has managed to underperform my expectations. June is typically the month with the greatest sales activity in Las Vegas, but not this June. 1,476 homes sold in June- down 41% year-over-year and down 6% month-over-month. [Data from GLVAR] The typical seasonal bump has not occurred this year. In ...
By: HousingDoom
A Las Vegas Neighborhood Doesn?t Sell, Now Being Leased
2007-06-16 09:01:00 Many thanks to "Dr. Oppenheimer," who submitted the following to us from Las Vegas. I’ve heard of HOMES not selling and being leased out, but never AN ENTIRE NEIGHBORHOOD. *******************************-*******************************-* I would like to show you one of the "jewels" of Las Vegas, which until recently, was being offered by Signature Homes of Nevada, The Town Community. &-#160; My ...
By: HousingDoom
Las Vegas- Median Prices Back to Summer 2005 Levels
2007-06-06 10:14:00 Last month Larry Murphy of SalesTraq Marketing Solutions said: April’s housing data for Las Vegas, as expected, was a continuation of the housing bottom we have been scraping along for nearly six months. Well that scraping along noise continues- the bottom got longer and lower this month. According to data from the Greater Las Vegas ...
By: HousingDoom
What to do with a Las Vegas condo?
2007-05-31 10:40:00 There aren’t a lot of condo buyers left in Las Vegas, and apparently a good chunk of those brave or deluded souls haven’t gotten the memo that your odds of "fast condo flipping for fun and profit" are not as good as your odds in the casinos. It’s tough to be a condo reseller these ...
By: HousingDoom
No Payments for Three Years in Las Vegas
2007-05-27 09:28:00 If this one is legit, it’s a new one on me—- I’m generally a little skeptical about the stuff I find on Craigslist, but I have to admit, I’m curious about an ad in the Las Vegas Craigslist with the headline: $465950 No Payments For Three Years! The ad also indicates that the closing costs are paid, and ...
By: HousingDoom
Did you wait last year to sell your house? Well wait some more!
2007-05-11 09:01:00 I received a great email from PW, who is moving back to Las Vegas after spending a couple of years in California. He found the following advice from Arina Hanciulescu, a Las Vegas Realtor, along with the April 2007 report: Homeowners who don’t have to sell now could pull their homes off the market or ...
By: HousingDoom
Las Vegas Housing- It?s All About the Short Sale
2007-05-06 09:01:00 Realty Times has a "Local Market Conditions" section, where realtors can post their take on the local market. The Las Vegas realtors posting here can usually be counted on for, shall we say, upbeat, positive comments on their market. Consequently, this post by Lynette Abad, really surprised me: SHORT SALES & FORECLOSURES - THAT’S WHAT IT’S ...
By: HousingDoom
Las Vegas April Home Sales- Twist Was Wrong, And She Admits It
2007-05-04 09:03:00 Sorry Doomers, what can I say? I was wrong. Unlike a certain ex-chief economist we know, though, I’m going to stand up and admit it. [OK, I’m sitting, but that’s beside the point.] This is from my November 28th post: Lereah is correct when stating that there should be a lift to home sales in the ...
By: HousingDoom
Creative Home Buying Logic Borders on Surreal
2007-04-20 09:01:00 Hat tip to the Judge for sending me this strange article by Las Vegas realtor Scott Meservey. Meservey had a client with the following question: I have my eye on a home that is at a great price, but I need to sell my house to buy the new one. I know it is a great ...
By: HousingDoom
MetroPCS Launches Las Vegas Market
0000-00-00 00:00:00 MetroPCS announced that it is now offering its wireless services in the Las Vegas metropolitan region. It will have about 60 stores opened in the coming weeks, with an additional 4 to follow by July. MetroPCS offers monthly ...
By: Latest phones
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