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May 27, 2011
Welcome to Friday Figures! All information from the GLVAR MLS system. Touring, making an offer, or preparing a listing this weekend? Read this first! You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today at 1 PM. Today we’ll continue our “What can you buy for $135k” series with a place I like to call This Old Vegas House, and I’ll tell you about the Home Path mortgage program!
Summary: The number of available homes is keeping in a range, now at 14571. We still do have a large number of contingent and pending properties waiting to close — and that’s not true in some areas of the country. Closings are strong ahead of the holiday and the end of the month; expect fewer closed listings next week due to the shortened work week.
The News: Let’s start with speculation about a recovery in housing, and why there’s not one yet despite the fact that affordability is at a 20 year high and interest rates are at yet another low of 4.6% on average. The short version: “It’s the economy.” Nationwide, contingent and pending listings are at a 7 month low with many cancellations, but I’m not worried: this reflects banks approving (and not approving) short sales and it’s a necessary part of getting back to whatever will be a “normal” market in the future. Home prices did fall 5.5% in the first quarter of 2011, and that concerns me far more.
Some sources are seeing an increase in mortgage delinquency — the first step on the road to foreclosure. This is worse news than it first appears, since sales of distressed properties fell in the first 3 months of 2011. Two more “too big to fail” banks, have agreed to pay a penalty over illegal foreclosures on the homes of military families.
In local news, traffic at McCarran Airport is up 2.3% and crime is generally down — down as much as 25% in some categories!
#109: Zumanity vs. Absinthe
May 24, 2011
When we saw Absinthe, like most everybody else, we thought it was funny, very entertaining and completely original. In this episode of the Living in Las Vegas Podcast, we may have not been completely correct. (Oh, and we try our hand at golf. It’s not pretty.) Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (84!) / LiLV Pool (76!)
- VEGAS VIDEO NETWORK News: VVN is an official “YouTube Partner”, Top of the Food Chain mentioned in the Las Vegas Review-Journal
- Thanks BC and Michael
- Golf at Aliante (w/ photos and video)
- Nikki Beach/Cafe (w/ photos)
- Zumanity vs. Absinthe
May 20, 2011
Once more it’s time for Friday Figures! All information from the GLVAR MLS system. It’s what you and your Realtor need to know before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today at 1 PM.
Summary: There’s 14566 available units this morning, a huge gain from last year’s artificially low levels. Contingent and pending listings are similarly down year over year, but the drop in the number of short sales under contract is striking. It’s still going to be a long time before we are out of the short sale mess, but progress is being made. Time on market for homes that are closing is starting to drop, a sign that buyers are interested in well-priced homes.
The News: I’m a little bit of a contrarian, so I love when I read stories about “Hate” for homeownership or no housing recovery until 2014 or even how my colleagues are having tough times. All this means that sentiment about real estate is horrible; the talk about how there’s no end in sight is actually a possible sign that we’re really turning the corner. It is true that home sales nationwide dropped 0.5% in April — and 12.9% from April of 2010 (we had an 8% gain in Vegas!) — delinquencies are improving. There will be no recovery without getting huge numbers of foreclosures out of the pipeline.
Speaking of foreclosures and foreclosure fraud, HUD has determined that the 5 biggest mortgage servicers are defrauding taxpayers! New York’s Attorney General is investigating mortgage fraud on his own: a bad sign for a national settlement but a great sign for justice. Banks aren’t happy about a proposed new simplified mortgage form. They claim it could “stifle” new products (or rather make it harder for them to sell you something you don’t need).
In local news, state unemployment is down to 12.5%, partly because roughly 44,000 people left the state over the last year. While some people (people who don’t live here by the way) think Vegas is starting to look like Detroit (sure, except for the high taxes, crumbling roads, antiquated infrastructure, frequent blackouts, dismal schools, lead lined water pipes… sure, just like Vegas), the fact of the matter is that apartment rents and occupancy are rising.
#108: So Long Sahara, Hello Carpet Cleaner
May 18, 2011
On this episode of the Living In Las Vegas Podcast, we wish the Sahara bye bye, examine Melissa’s dreams, and provide the following tip: don’t let your dog eat fertilizer. It’s not good for the dog or your carpet. Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (ENOUGH ALREADY?!?) / LiLV Pool (68…a-gain)
- VEGAS VIDEO NETWORK News: Top of the Food Chain KILLS it, big partnership announcement
- Stealth Bombers over Las Vegas
- Poisoning the Dog(s) (Sorry Frank Marino)
- Sahara shuts its doors
- Visitors to Vegas increase!
- Gambling revenue goes up as well!
May 13, 2011
Don’t worry about Friday the Thirteenth, it’s just Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor need to know before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today at 1 PM. Today we continue our “But what do you get for $135k?” tour of the Valley with a home on the Southwest side of town, and we’ll also talk about how listing prices are set.
Summary: Available units inched forward to 14648, but time on market is trending down. The number of bank owned and non-distressed homes is continuing to rise, contributing in part to lower time on market. We still have solidly more than 13,000 contingent and pending listings, which should mean we have a strong number of closings over the next several months (over 8000 of them are short sales). As expected, we had substantially fewer closings than last week, but still a strong number.
The News: Let’s start with the local stuff! This week we broke ground on massive improvements to the Neon Boneyard. If you’re into “Classic Vegas,” this is a must-visit place, but you might wait until they are done with construction next Spring. A little more real estate related, be aware that not every real estate ad you see on sites like Craigslist is for real. At least one analyst thinks we need to brace for another 20% drop in home prices — a prospect I find unlikely. Maybe luxury homes have that much more to drop, but with buying so much more cost effective than renting, there’s a lot of interest in the low to mid range.
States and Banks are still arguing over who should pay how much for the massive fraud banks committed against states, counties, and homeowners. Meanwhile, banks are deliberately ignoring state laws, MERS faces it’s first class-action suit, and foreclosures are down for a 7th straight month — both filings and repossessions!
The experts seem to agree that housing faces “challenges,” including more fallout from the foreclosure mess. However, interest rates are at a new low for the year, encouraging buyers and people who need to refinance.
#107: News Shows, New Beginnings, New Dog?
May 11, 2011
In the course of the last week, there has been quite a few new and exciting things happening for your friends the Whitney’s. We’ve got a new show on VVN (with a sneak peek to boot), Pub Crawl’s David Ivy is about to be a rock star, and Melissa lunches with ladies and decides Coda and Boswell need a little brother. Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (what is happening?!?) / LiLV Pool (68…blech)
- VEGAS VIDEO NETWORK News: Sneak peek at our new foodie show, David Ivy of Pub Crawl is about to be a rock star with Nancy Rayguns
- Listener Email: More from Moscow, Ellis Island Casino revisited
- Fashion shows, tea at Mandarin Oriental and little dogs
May 6, 2011
Cinco de Mayo is over; now it’s time for Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor need to know before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today at 1 PM.
Summary: Available units dropped this week to 14632. While price on single family homes has been stable over the last month, there has been a drop in condo prices. This reflects some of the difficulty financing the properties. It is true that the number of foreclosures is up month over month, but it’s still lower than the number we had at the beginning of March. Like most of the country, we have a strong number of properties under contract to be purchased; unfortunately, all too many of them are short sales waiting for bank approval. We built on last week’s strong number of closings with still more this week; don’t be shocked if next week’s numbers are light!
The News: You wouldn’t know it from the local numbers, but nationwide the inventory of foreclosed homes is at an all-time high. In judicial foreclosure states, there simply aren’t enough lawyers to handle them all (forgive me if I don’t shed any tears). Delinquency rates are going down, so foreclosures will taper off — and banks will eventually get rid of all the excess inventory. Experts think there are roughly 3,500,000 excess vacant homes. Regulators are worried that the FHA is holding the bag on too many foreclosures — but then my viewers knew weeks ago that those homes would be sold by HUD and be “the next big thing.” Speaking of the government holding the bag, they are accusing Deutsche Bank of fraud! Yet somehow, the FDIC found nothing wrong in their foreclosure fraud investigation.
Fixed rate mortgages fell to 4.71%, a low for the year. This is great news for people whose ARMs are resetting, great news for buyers, and great news for anybody who can refinance.
Earlier this week, we learned that Vegas is the #1 city where it’s cheaper to buy than rent — perhaps the one almost “good” thing to come out of all those foreclosures. That trend will continue around the nation as the improving job market is making rents go up. If you want to see how your situation fits in, there’s a new iPhone app that can not only tell you what your mortgage payment could be, but also if it makes sense to buy. In other local real estate news, more media reports are picking up on foreclosed Vegas mansions.
#106: Our Nikki Beach Happy Hour - A Review
May 4, 2011
It’s hard to beat hanging out in perfect weather with good friends, old and new. In this edition of the Living in Las Vegas Podcast, we review our most excellent Meet Up / Happy Hour at Nikki Beach. Then we head over to the new Tivoli Village in Summerlin. Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (86) / LiLV Pool (68)
- VEGAS VIDEO NETWORK News: Talktails with Chris Phillips (Zowie Bowie) premieres
- Listener/Viewer Meet Up & Happy Hour at Nikki Beach, Tropicana
- Listener Email: From Moscow with Love
- Trivoli Village
May 4, 2011
Welcome to Friday Figures! Did you miss me last week? All information from the GLVAR MLS system. Here’s what you and your Realtor need to know before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today at 1 PM. Today we take a little “field trip” to North Las Vegas, and talk about some real estate “yellow flags.”
Summary: Available units barely inched up to 14736 — very close to the 15000 stability area I thought we were headed towards last year. It’s worth pointing out that according to the Nevada Real Estate Division, we have 15501 active real estate brokers and salespeople. There’s been a big drop in the number of available short sales, and a surge of properties priced at less than $50,000. As always, this concerns me deeply. Contingent and pending units are up over 13000 again, in line with the national trend. Sales were strong this week, as many sellers and some buyers want to close before the end of the month. The number of available rentals is down, and at these levels it is likely we will have rising rents by summer.
The News: Homes under contract to be purchased rose an amazing 5.1% in March, while interest rates dropped. Sadly, it’s still hard for people in minority areas — even highly qualified buyers — to get mortgages. Even though we are seeing strong sales, home prices continue to drop both nationally and locally. New home sales are up, but inventory is at a 43 year low.
Now the IRS is investigating the foreclosure crisis! It seems that the very circumstances which created robo-signing is against tax law. At least the IRS is aggressive about making sure they get their cut. There’s some good foreclosure news this week: Fannie Mae and Freddie Mac report a drop in the delinquency rate! However, there are still a record number of homes in the foreclosure process.
I have a few general real estate items to check out this week. First, banks discover what everyone else knew, that a fixed up home sells faster. Next, an item on what you can’t negotiate on your mortgage. Finally, “Do schools really affect property values?”
Locally, beware of this scam that involves phony mortgage modification people buying your home and renting it back to you. If any mortgage modification person wants money up front, walk away! This isn’t news to my regular readers, but a new report says one in three Vegas homes sold for less than $100,000. But expect some action in the luxury home sector; Businessweek reports that the wealthy are abandoning their underwater Vegas mansions.
