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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.
August 27, 2010
TGIF! You know what that means? No, not a lunch suggestion. It’s time for Friday Figures! All information from the GLVAR MLS system. This is the real deal: information you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.
Summary: Available listings continue their climb, now at 14357. At this rate, we will see if my prediction for stability around 15,000 holds within a month. I am concerned about the number of very cheap properties out there. I do get calls from people who think they can afford the mortgage on a $50,000 home, but the catch is that it’s almost impossible to get a mortgage on a home in that price range. That doesn’t even address the fact that such homes always need extensive, expensive repairs. Only investors and other buyers with cash will get us out of that pickle. Contingent and pending listings dropped below 14,000. Once more, a good sign that banks are working through the backlog of short sales one way or the other. Median time on market for sold homes finally crept over 30 days, mostly because Fannie Mae and Freddie Mac won’t consider investor offers for the first 30 days. Speaking of investors, there is plenty of action in homes for lease.
Other Information: A lot has been made of the most recent court rulings against MERS. Remember, we don’t have judicial foreclosure here in Nevada; the bank can foreclose without ever going before a court. An expert I consulted feels that the only way to get your mortgage case into a courtroom is bankruptcy! Since a lot of people are staying put (not necessarily by choice), check out these home remodeling tips. Some sources are asking today whether some lenders might be procrastinating on foreclosures. The answer is yes, particularly if the property is occupied. And who can blame them when 1 in 10 homes nationwide may face foreclosure, maybe more (my math says that 14% is more than 1 in 10). Of course, that doesn’t mean that banks are keen to deal with principal writedowns, HAMP, or other loan modifications. Major media is pessimistic about the housing market in general, but at least one expert sees foreclosure rates dropping. While some are pessimistic about Vegas, I would like to say that if you’re going to argue that, don’t use a house in Mesquite as your example! That’s saying Waco and Dallas are the same place. New homes are getting smaller on average (more to the point, new homes are getting more “value priced”). Local commercial real estate is not a happy place right now. And don’t fall for this builder rip-off! Take your money and your purchase offer elsewhere!
August 13, 2010
Here we are with another edition of Friday Figures! All information from the GLVAR MLS system. This is the no-nonsense data you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.
Summary: It’s no surprise that available units are up, yet again, to 13,832. Nor is it surprising that median price on those units is slipping just a little, mostly on non-distressed properties. Pending and contingent properties stopped dropping, and now sit a little over 14,000. The number of contingent short sales continues to ever so slowly go down, and that is a very good thing for the long term. Closings have settled into their mid-month lull (Pro-tip: if you can close on your home mid-month, it will make your mortgage and title people happy and things are likely to run more smoothly). List price and final sales price on closed units remain very close to one another; this is not a time for low-ball offers if you really want the property.
Other Information: Last week Fannie wanted more money from the Feds? This week it was Freddie’s turn. The NAR assures us that home prices are “firming” nationally, but even NAR’s Chief Economist Lawrence Yun “urged caution on interpreting price data.” And remember that locally, there are several communities with problematic Kitec plumbing fittings. It’s an estimated 30,000 homes effected, so be sure to ask your home inspector about it. This is a far bigger deal locally than the tainted drywall issues in some parts of the country. I thankfully haven’t encountered any of that drywall (experts tell me it’s unlikely here), but I sure do know some developments with Kitec issues!
August 6, 2010
Glad you could join me for Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.
Summary: Once more, available units are up. Now we have 13496 properties available, compared to 12038 at the beginning of last month. An interesting twist (but certainly no trend) is a very slight drop in the number of bank owned homes available! The number of contingent and pending units continues its downward trend, but for now remains over 14,000. Within 2 weeks we should see a more “normal” market that has more units under contract than available. More good news on this front is that we’re down to 9251 contingent short sales waiting for bank approval. While it is true that sometimes the bank is saying no, at least there is progress working through the backlog.
Other Information: Fannie Mae lost over $3,000,000,000 (that’s $3 billion, or $3000 million!) last quarter, so they are asking for more government aid. There is some noise that they may be pressured to forgive a lot of mortgage debt, but it is likely nothing but noise. Some experts suggest that new home prices are likely to fall another 5% this year (hopefully leveling off and/or starting to rise next year) to compete with distressed sales of existing homes. Mortgage rates hit yet another new low (some people think super low interest rates in general are actually a bad thing from a long term housing price standpoint). One last thing: if you have moved out in preparation for selling your home — or are thinking about it — please call your insurance agent to make sure your property will be covered! Many homeowners policies only cover occupied properties!
July 30, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. This is the no-spin data you need to know before touring, listing, or making a purchase offer this weekend.
Summary: We’re up to 13261 available houses, condos, and townhomes. I fully expect that we will have 15000 before the end of the year, particularly since time on market is going up (partly due to reduced buyer interest, partly due to short sales falling out). At least prices show signs of leveling off for the moment. While there is no doubt that we have more distressed properties coming on the market, I am seeing anecdotal evidence of an increase in rehabbed properties being sold by investors, particularly in the sub-$200k market. The number of contingent and pending units is down to 14252. Closings are strong this week as we finish up the month. I am concerned by the rise of single family homes priced under $100,000; most of these are bank owned, and few can realistically be financed. A few creative mortgage products involving a second rehab loan exist but I only know one mortgage professional who is enthusiastic about them. These cheap properties might pose an opportunity for an investor with cash, but I can’t in good conscience recommend any of them to the first time buyer who might be attracted by (im)possible low monthly payments.
Other Information: Even though prices are dropping nationally and locally, sales of new homes are up. Sales of existing homes are still “above historical median.” Home ownership is down to a 10 year low and dropping, and that unfortunately means that there are more vacant homes everywhere. Vacant homes are a target for crime, including arson, so please be careful when touring homes (and keep an eye open for strange things at vacant homes near you). A number of sources think this may be a good time to buy a home for several reasons, one of which is low interest rates.
July 23, 2010
Thanks for reading Friday Figures! All information from the GLVAR MLS system. Here’s what you really need to know before touring, listing, or making a purchase offer this weekend.
Summary: We’re up to 12960 available units, just under 13,000 and about a 30% increase from the low we set earlier this year. No surprise that prices are under downward pressure. Contingent and pending listings are down, however, and we may eventually work through the huge backlog of contingent short sales one way or another. 600-700 closing properties a week seems to be the “new normal” for a little while, but I do expect more closings this coming week as banks try to clear the July books.
Other Information: Unfortunately, the economy is of great concern going forward. Nevada unemployment is at 14.2% and in the Las Vegas Valley it’s 14.5%. Builders are also nervous about the economy. Home sales are slowing nationwide — which the experts did anticipate after the home buyer tax credit expired. This week has also seen a lot of criticism of how few people have really been helped by the HAMP program — and a few pointing out how little help it is to some of the people who have gotten modifications. There is still some good news to report: mortgage rates are at yet another all time low; many Clark Country residents got lower property tax bills in the mail this week (which may result in budget shortfalls, but that’s another issue); and apartment rents are down. So far I have seen no real drop in rental home prices, partly because those owners have fixed expenses and a slightly different business plan.
July 16, 2010
Once again it’s time for reading Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer this weekend? Read this first!
Summary: Available units rose again, this time to 12521, and median price on single family homes dropped and median time on market rose by a day. The number of properties in the process of being purchased dropped very slightly, but this is not a cause for concern as many of these properties have been in that state quite a while awaiting short sale approval. Over half the homes that are now closing were on the market less than a month, so there is still some competition for the “most desirable” properties. In fact, 95 of the 658 properties that closed in the last 7 days were on the market less than a week before an offer was accepted!
Other Information: Please be careful out there this weekend! We have an excessive heat warning; don’t count on working air conditioning in a vacant property! Unfortunately, Nevada once again leads the nation in foreclosures while we are at a record high as a nation. Home mortgage applications are falling while rates remain low. And just for fun, some statistics on American homes.
July 9, 2010
Thanks for reading Friday Figures! All information from the GLVAR MLS system. Here’s the real scoop that you and your Realtor need to know before touring, listing, or making a purchase offer this weekend.
Summary: The number of properties for sale rose yet again to 12,266. We are seeing clear signs of fewer buyers now that the tax credit is over. The rise in the number of available short sales is dramatic. One obstacle to clearing the inventory of very low priced homes is that financing such properties is almost impossibly difficult. The number of properties under contract to be sold did drop slightly as more of them moved on to closing. There’s still over 14,000, and most of them are still waiting for short sales to be approved. The number of properties that closed in the last week plummeted, as most buyers (and some sellers) pushed hard to close before the end of June. While the year to date sales figures are not as high as last year, they are far above 2007 and 2008 levels.
Other Information: I’m not sure what to make of ABC’s report that “liar loans” are making a comeback. Nobody thinks it’s a good idea to sell people a house they ultimately can’t afford, but many people in Las Vegas make more money in tips than in salary! Wells Fargo is completely shutting down its sub-prime operations, so be prepared to show them lots of documents to get a mortgage. Rates are down again to a new record low, and as a result mortgage applications are up. Good news for our local economy is that hotel occupancy nationwide is up; our economy relies heavily on tourism. Another bit of good news courtesy of our reader Jacob, General Growth will very likely sell over 7 acres of land for a high-tech manufacturing facility. This will bring construction jobs now and tech manufacturing jobs for years to come. And finally, nationwide, apartment vacancy is down, and rents are up. The theory is that the economy has improved enough that people who had roommates are moving out on their own.
July 2, 2010
Welcome to Friday Figures! And a very special welcome to all the new readers at the Living in Las Vegas Podcast & Blog! All information from the GLVAR MLS system. Friday Figures is real information on the Las Vegas real estate market, and the no-nonsense numbers you and your Realtor need to know before touring, listing, or making a purchase offer on a home this weekend. As always, the first Friday of the month I share month-over-month numbers to give you an idea of where the trends lie.
Summary: Available inventory rose again to 12038, almost 20% from the 10888 we had at the beginning of June. As promised, I crunched numbers and unfortunately from a strict chart standpoint I saw signs that available units might go as high as 15000 in the coming months. Between that and the end of the home buyer tax credit, that means buyers will have more options and less competition. There are more low-priced units available, but many of them cannot be financed for various reasons. Pending and contingent properties dropped, mostly due to properties closing before the end of the month to take advantage of the home buyer tax credit. However, we still have over 10,000 short sales waiting for bank approval before they can close; some may never close and some may be taken back by the bank. This number is down, but still alarming. As expected, we had a rush of closings in the last week; don’t expect another 1200+ sales completed any week soon!
Other Information: President Obama signed the extension of the home buyer tax credit this morning, but remember it only helps you if your contract was signed by the end of April! As usual, Calculated Risk is on top of all the national real estate figures, including the fact that even though banks only have a half million foreclosures on the books, there are ten times that number of seriously delinquent loans waiting for short sales, loan modifications, or foreclosure. BondDad has the latest Case-Shiller numbers; Las Vegas house prices were up 0.2% in April, but down 8.5% year over year. I am willing to take the good news where we find it! Nobody is surprised that one in three home sales in the first quarter of this year was a foreclosed home (it’s a bit higher locally). And finally with 2 major fires and legal fireworks, air quality may be a bit lower than average this weekend; take it easy and remember things like water and sunscreen.
70: One is Good, One is Bad: Las Vegas Hiking, Las Vegas Real Estate Agents
August 29, 2009
[Let’s set the mood. . .it’s a Saturday night. . .the studio lights have been dimmed. . .the red wine is ready and willing. . .what better time to record a Living in Las Vegas Podcast?]
Professionalism? Las Vegas Real Estate “Professionals” calling. We’re a little lost, here. Can you send somebody over?
Okay, this wasn’t meant to be the main topic. . .and it’s not. . .but, for the love of all things reasonable, get it together Las Vegas real estate folks! You’re making those of us who live here look bad!
On a positive note, after ranting about the nasty issues of real estate, this edition of the Living in Las Vegas Podcast talks about three places to hike, two of which I deemed “hiked” even though my definition of hiked and Melissa’s were not completely in line. Show notes:
- PHOTOS! (of the studio, post-show)
- Weather (heat advisory) / LiLV Pool (3 degrees from perfection)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- Las Vegas Chamber of Commerce Business Education Series
- Thoughts on Las Vegas Podcasts
- Mojito Recipe?
- Summerlin Hospital RANT
- Summerlin vs. Aliante
- Real Estate Idiots
- Listener Email: Real Estate Idiots +2, Holiday Festivities
- Listener Audio: Where’s my strings, Mike?!?!
- Hiking in Las Vegas
- Red Rock
- Valley of Fire
- Mt. Charleston
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