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July 29, 2011
Welcome to Friday Figures! All information from the GLVAR MLS system. Read this 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 and every Friday at 1 PM. This week we have Sales Manager and Business Coach Carlos Caipa from Prudential Americana Group, REALTORS!
Summary: The number of available properties dropped slightly to 14382, well within our current range. However, time on market continues to drop — this change will be notable when we look at the month-over-month numbers next week. While the number of single family homes available is rock solid, there was a small drop in the number of condos for several weeks in a row; considering the additional difficulties in purchasing and financing a condominium, that’s a good sign. There is a possibility of a surge of a few hundred additional properties coming onto the market next week. We did have a drop in the number of distressed properties, and a rise in the median price of foreclosed homes. I won’t speculate on what (if anything) this means for the future until next week’s figures. The number of contingent and pending listings dropped by 7 — combined with the fact that over 900 properties closed this week (not a bad end-of-month surge), that means we have had several hundred new contracts signed this week. Rental activity is up in general, which I am going to accept as a good thing.
The News: Home prices are on the rise nationally, but this may just be a seasonal change. The number of sales contracts is up, but the number of cancellations is high.
MERS is trying to distance itself from the mortgage fraud debacle, but the fact remains that MERS exists for the purpose of circumventing your local county recorder’s office — cheating your county out of fees it uses to provide services in your community. Interestingly enough, foreclosure activity is down in most areas (coincidence, or effect?). In the meantime, UBS is being sued over bad mortgage based securities, Wells Fargo is being investigated for fair housing violations regarding mortgages, and Bank of America has so many bad mortgages, it is bulldozing some foreclosures and donating the land to local groups. This mess is not over yet.
#117: Broadway on Vegas at The Smith Center
July 27, 2011
When it comes to bringing Broadway shows to Las Vegas, there has been success (Lion King, Phantom of the Opera, Mama Mia) and failure (Avenue Q, The Producers). In this episode of Living in Las Vegas, we talk about The Smith Center, a “world-class performing arts center” that is expected to bring the best performing arts to Las Vegas. Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- NEW TOLL-FREE Listener Line: 866.966.4599
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (110) / LiLV Pool (82)
VVN: Renewed our lease, we’re an LLC
Wedding Anniversary
Shootin’ some guns
Shoes with toes, getting fit
Lofts looking good
Broadway on Vegas - The Smith Center
July 27, 2011
Thanks for dropping by to read Friday Figures! All information from the GLVAR MLS system. Make sure you take a look 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 and every Friday at 1 PM. This week we have what is probably the close of our “median price field trip” series. What do you want next? Let us know at GettingReal@VegasVideoNetwork.com! Today I’ll also be talking about everybody’s favorite thing. What’s that? Make your best guess and tune in to find out. Next week we have a special guest, so get your questions ready for Sales Manager and Business Coach Carlos Caipa!
Summary: There was almost no change in the number of available units, now at 14407. However, time on market is dropping fairly remarkably. This means it was easy to predict that the number of properties under contract is up. We’re already starting to see a little surge of closing activity into the end of the month — will next week be another incredible time like the end of June? You’ll have to come back next week to find out!
The News: Nationwide, home sales were flat to down slightly as the number of first time buyers fell, leaving a 9.5 month supply. Locally, sales jumped — which my readers already knew — but prices did drop.
Remember that the foreclosure fraud crisis is not over. Robosigning is still happening, documents are still being lost, MERS is still defrauding your local government of transfer fees, banks are still being forced to spend thousands and millions and billions of dollars in fines and settlements, and the State Attorneys General have still not filed the criminal charges they are entitled to prosecute.
In local news, unemployment is officially at 13.8% (remember, this is the artificially low “U3″ number that doesn’t include the long term unemployed) but our largest economic sector — tourism! — is up.
#116v2: Drinks the Size of Your Torso
July 20, 2011
This should have been episode #117, but an evil force (Windows XP) and Scott’s careless use of the delete key killed last week’s episode. Which was really a fun show. Ask the live chat folks.
Anywho, today’s Living in Las Vegas features a special twist with our hosts, proves Nevada really is the wild west, answers several email questions, and shares an evening that featured great dancing and drinks as large as some people’s torso. Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- NEW TOLL-FREE Listener Line: 866.966.4599
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (108) / LiLV Pool (84)
- LiLV #116 - The lost episode
- VVN welcomes Jacob
- Gun laws in Nevada
- Listener Email: Show feedback, show ideas, getting in the studio audience
- Dancing the Night Away at M Resort (with drinks the size of your torso)
July 15, 2011
It’s another hot July day in Vegas! Cool down with some Friday Figures! All information from the GLVAR MLS system. Make no mistake: 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 and every Friday at 1 PM. Today I’ll be letting you know about some new laws that will have an impact on buyers, sellers, and property owners in Nevada, along with an important update about our Foreclosure Mediation program.
Summary: We have 14467 available properties today, compared with 12521 a year ago. Remember that this time last year, we were just returning to a more normal inventory level after the expiration of the home buyer tax credit; I was predicting a target number of availables at around 15000 (we overshot then corrected to current levels). This week we did have a substantial drop in the median days on market. The number of contingent and pending listings is also stable, but it’s notable that the number of short sales in that total is down sharply from last year — a sign that we are moving through inventory (more on why that will go faster this afternoon!). Sold properties returned to a more normal number this week. Expect another surge near the end of the month, but not as big as last month! Unfortunately, prices of sold properties appears to be sliding again.
The News: Let me start off with some great news. Maybe you already knew that I moved to Prudential Americana Group, REALTORS, on Sahara — centrally located to serve the whole valley better. Thanks to their terrific IT department, I have another great site to share with you at YourVegasPlace.com. It features one of the best automated searches I’ve ever seen. Don’t forget to register as a VIP to get updates and newsletters from me, and set up a search for your dream home, your investment home, or just keep track of what’s going on in your neighborhood. It’s free and easy. Don’t worry, I’ll still be serving up Friday Figures and other real estate news here, and doing great shows every Friday afternoon on the Vegas Video Network!
Alright, on to everybody’s least favorite topic, foreclosure. A new study confirms what most of us have seen: the more somebody owes, the less likely they are to get a Notice of Default. When the bank stands to lose more than a quarter million dollars, they are less motivated to start the process. In other words, they will pretend everything is fine to make the shareholders happy (why the SEC isn’t investigating this, I couldn’t say). While this isn’t a huge problem locally, be aware that in some parts of the country, foreclosed homes may have a mold and mildew problem simply because they are not lived in. Another problem of empty properties is the possibility of squatters. Please, keep your brain working when touring available properties.
A new study shows that home ownership may still fall a little in the United States — unless it doesn’t. Meanwhile, mortgage rates are down again, now at 4.51% on average.
And remember: Vegas is still one of the 10 best cities to buy a rental property according to CNN. Tourist volume continues to rise, which means that resorts, casinos, and restaurants will continue to hire — and that in turn means that jobs will be created in the community. All those people need to live someplace.
July 8, 2011
Welcome to 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 and every Friday at 1 PM. Today we’re touring a median priced home near Henderson, and talking about how to work with a Realtor in another town.
Summary: This morning we have 14315 available listings, not a huge change from last week and well in the current range. Not surprisingly, prices are stable for the moment too. It’s no surprise that after last week’s incredible number of sold properties, we had a light number of closes this week. Rentals are up, possibly as some last week’s sold units are investment properties.
The News: So what if we just finished Independence Day fireworks? Here in Vegas, we’re busy planning New Years Eve!
There’s a lot of talk about some mystery mortgage modifications — for people who didn’t ask for them and are up to date on their payments. These homeowners had “option ARM” loans, also known as “pick a payment.” These are the same kind of loans that Wells Fargo was forced to modify last year. My theory is that these lenders are trying to avoid the scrutiny of state Attorneys General. I also strongly suspect that if HUD were to go digging in this mess, they would find fair housing violations. Speaking of mortgage modifications, if you are confused by all the federal programs and how they might help you, check this out.
Bank of America has had a really bad week. They are expecting to take $13,000,000,000 in charges to settle with holders of mortgage backed securities (this compares to $125,000,000 that Wells Fargo has agreed to pay on similar claims). They have to go to court on a lawsuit from homeowners that say B of A wasn’t willing to follow HAMP rules. Their stock price dropped 3% on news that another settlement fell through. And that doesn’t account for their potential liability under the foreclosure fraud settlement, which is now estimated at $60,000,000,000.
Mortgage rates are up this week, but still at a historically low 4.5%. New price limits for “conforming loans” are coming October 1, so buyers interested in pricier homes would be well advised to get that transaction underway now. Remember last week we were looking at experts saying it would be 2 years before a housing recovery? Now the HUD secretary says this is the time to buy, and prices will rise as soon as the 3rd quarter of this year (that would be now) because foreclosures are declining. Frequent readers know how nervous that kind of talk makes me. Nevertheless, 7 out of 10 renters say that buying a home is a “top priority.”
#115: How to Safely Attend a Ted Nugent Concert
July 6, 2011
For this edition of Living in Las Vegas, as we recover from a 4th of July weekend that included full-contact Mexican Dominoes and viewer questions about the terror that is the Stratosphere “rides”, Melissa and Scott debate the “message” Uncle Ted Nugent delivered during his concert. Show notes:
- Visit LASIK of Nevada (50% Off Premium LASIK + $200 more if you mention VVN)
- LiLV Stuff
- NEW TOLL-FREE Listener Line: 866.966.4599
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (101day/83night) / LiLV Pool (84)
- Vegas Video Network prepares to hire our first full-timer
- 4th of July festivities
- Whitney Villa
- Listener Email: Stratosphere Rides, Plaza’s Firefly replacement, Fremont zipline
- The Reverend Ted Nugent
