ALL
September 27, 2010
As many of you have noticed (by the way, I understand the emails and voice mails, but sending a big scary guy to the house was a bit much, no?), it’s been quite some time since our last podcast episode. And while we’re not know for the frequency of our episodes, I do have an excuse.
Really.
I’ve been “heads down” since August 2nd on the VEGAS VIDEO NETWORK. I think it’s going to be a big deal. I hope you feel the same. Please sign up. You’ll like it, I promise.
September 24, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. Be sure to read this before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend!
Summary: Available listings climbed once more to 15326; it was no surprise that most of the jump was in distressed properties. There was also a huge jump in properties under $50,000 and under $100,000 (please don’t take this as a sign of affordable housing; properties under about $60,000 should be considered “cash only” and in need of help to be habitable). We also have 13591 contingent and pending listings, down from last week as properties move towards sale — or in some cases, sales fall through. Either way, this number has been very high for months, mostly because of contingent short sales, and is moving in the right direction. Sales closing remain at stable levels with actual sales prices just barely below listing prices.
Other Information: Fannie Mae has announced new incentives for people to buy their HomePath properties. These are foreclosed homes owned by FMNA rather than a bank. Of course foreclosure prevention is still a hot subject: here’s a USA Today article on the sorry state of mortgage modification, and an interesting idea that I can’t see happening, “Right to Rent” legislation. Current mortgage rates remain at historic lows, which is great for anybody who can take advantage of them. In August, sales of existing houses rose 7.6%, which is impressive until you realize it’s the second lowest level ever recorded, with an estimated 11.6 month supply of housing. Despite this and the worst August on record for new home sales, home builders are putting up more homes, partly because they can’t borrow more money. In short: the housing recession is not over. Nationwide, hotel occupancy is at 2008 levels, which may have something to do with Nevada’s record high unemployment rate. One more local interest item: Brandon Flowers of The Killers has purchased an historic mansion whose previous owners include Howard Hughes, Andre Agassi, and developer Irwin Molasky. Over at my personal site, I have a post that addresses some of the issues with GMAC suspending foreclosures, the deeds on homes purchased from Wells Fargo, and more. It does show my frustration with banks, so be forewarned.
September 17, 2010
It is time once more for Friday Figures! All information from the GLVAR MLS system. Anybody who is planning on touring, listing, or making a purchase offer in the Las Vegas Valley this weekend should read this before they get started!
Summary: We’re up to 15042 available units, so the rate of increase is slowing — a critical step of reaching a stable level (as I hope we are doing). A year ago tomorrow we had 11687 available. What bothers me more than the increased inventory is that median prices on an available single family home has dropped $25,000 since Spring. The number of contingent and pending listings did tick up slightly, but not so much as to cause concern — it’s still over a thousand fewer than this time last year. The number of contingent short sales is still slowly going down, and that’s the important thing. Finalized sales continue to run at a strong pace with median prices firmly in the mid-$120k range.
Other Information: The Las Vegas Business Press tells us that not only are apartment rents down (rental home rates are still stable, see below), but vacant land prices are continuing to drop. In other local housing news, congratulations to Mountain’s Edge and Providence for being top-selling new master planned communities nationwide. CNN thinks that despite all the bad news I reported yesterday, a housing rebound is “possible”. And two great items from Tim Iacono: lessons he learned from trying (and failing) to buy a short sale, and a road map from delinquent mortgage to REO. In case you didn’t know, REO stands for “Real Estate Owned.” It’s the line on the bank’s asset sheet that describes all the foreclosures they own. You’ll hear real estate professionals use the term all the time — sometimes without bothering to explain what it means to their clients! And for those of you who are selling a home, here are 13 unique tips from RIS Media and Lowe’s.
September 10, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer in the Las Vegas Valley this weekend? Read this first!
Summary: At 14937 available units, we’re at crunch time: does that number continue to go up by 200-300 every week, or does it level off and stay here for a while? While median price is dropping, price per square foot is not. It looks like people who didn’t buy before the home buyer tax credit expired have been rewarded with greater selection at lower prices. Contingent and pending listings are up for the first time in many weeks, which does mean we have buyers getting properties under contract. The number of contingent short sales is still going down, and that is a good thing in the long run.
Other Information: The Las Vegas Sun reports that “more people are moving away than usual,” but it’s still worth noting that over 4600 people transferred their drivers licenses into Nevada. If you applied for the home buyer’s tax credit, make sure that you qualify and filled everything out correctly; the IRS is checking! October 1 new rules go into effect concerning what Realtors can and can’t do regarding your mortgage, but as far as I am concerned the real news is that your mortgage professional will have to be federally licensed. Let’s see if the big banks have to play by those rules. There’s a new federal program for owners of “underwater” homes to refinance, but as nearly as I can tell it won’t help many in Las Vegas. Here’s an economist who suggests that “but it is very unlikely that there will be a strong rebound in housing starts with a near record number of vacant housing units.” Here’s another economist’s Foreclosure Crisis Update (short version, it’s not over yet). Fannie Mae is going to be cracking down on servicers that delay filing foreclosure against homeowners who don’t pay, so expect a rise in bank owned properties within 4-6 months. And two important pieces for buyers: fix your credit first and why short sales take so long.
September 9, 2010
I had heard earlier this month that a lion attacked a trainer at The Lion Habitat at MGM Grand. Come to find out, a tourist was shooting video when it all took place!
The attack begins off camera. It appears the male lion decided he’d had enough of the thinner trainer. After the initial attack, the lion and trainer are separated only for the lion to go after him again a bit later in the video.
Here’s a thought – let’s stop thinking that putting a wild animal in an unnatural environment isn’t going to eventually piss it off.
September 3, 2010
Thanks for reading Friday Figures! All information from the GLVAR MLS system. This is critical data you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.
Summary: We’re up to 14705 listings available. Once again, there was a rise in the number properties available under $50,000 and under $100,000. There was another drop in contingent and pending units, which I am interpreting as great news for the market in general: short sales are getting processed. It’s still going to take most of a year to get through them, but it is happening. It was a busy week for title officers and the Clark County Recorders Office who processed just under a thousand closings. Month end is always a busy time for closings, and this was no exception.
Other Information: Mortgage rates are down yet again, hitting another record low for the 4 decades it’s been tracked (the number of mortgage brokers is down too). But that’s not the reason at least one economist thinks “At some point, housing becomes a compelling bargain.” Some FHA changes are coming, so if you are considering buying with an FHA loan, it may be in your best interest (ha, interest!) not to delay. We have some details of that program I mentioned earlier this week where communities and non-profits get first crack at some foreclosed homes. And CNN just discovered that HAMP isn’t the only mortgage modification program out there. Great cutting edge reporting there, I guess. And one last thing, advice from Lowe’s on how to pick a home remodeling contractor.
September 2, 2010
Just as everybody in Los Angeles wants to be an actor, it appears that everybody building our secret project wants to be a Vegas entertainer. We’ve already seen Wade’s dancing skills, so now it’s up to Rip and me to audition as well.
For my part, I butcher about three seconds of a BeeGee’s classic. Rip’s death-defying performance is much more impressive. In both cases, I’d suggest you not try this at home.
We're on the Vegas Video Network
What is it?!
The Living In Las Vegas Podcast™ gives an entertaining first-person
look into what it's like to call Sin City your home.
Audio Intro
Shop & Support the LiLV Podcast!
