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Nevada heads national population growth rate - 12/28/07 10:32 PM
Nevada has been in the news a lot lately for problematic reasons related to the mortgage industry and residential real estate issues. But after a long drought it again has something to cheer about. It once more is the fastest-growing state in the union, after being edged out last year by Arizona. The official growth rate is 2.9% for the calendar year closing out July 1, bringing its total population to over 2.56 million, as was reported by the Census Bureau. The trend is expected to follow the same path in the coming years. Clark County, home to Las Vegas, holds well (4 comments)
Las Vegas housing crawls along - 12/23/07 09:41 PM
The November residential real estate indicators for Southern Nevada were recently published by Home Builders Research and SalesTraq, two local industry research shops. In general the numbers are down, an altogether familiar pattern for the past several months. In the new home category sales are off by 47.5% from last year and the median price declined 20.2% , to $271,228. The drop in the price is meaningful, as it now reached over 20% year over year, a moderately high number. Resale house sales decreased 42% and the price was cut back 10.5%, to $257,000. During the boom years in Las Vegas the (2 comments)
The Plaza project moves forward - 12/21/07 10:02 PM
Another Las Vegas mega resort development obtained its preliminary approval this week from the Clark County Planning Commission. The $5 billion Plaza is planned for the New Frontier's old location at the north end of the Strip. If the final approval is granted in January, construction is set to begin later in the year and completion is estimated for 2012. The developer is Elad IDB Las Vegas, a joint venture of Elad Group and Property & Building Corp. which is a subsidiary of IDB Holdings Corp. The property is designed to emulate the famous Plaza Hotel in New York that features French Renaissance architecture. (4 comments)
Mortgage industry regulation overload - 12/21/07 01:14 PM
The residential real estate market is still in a state of upheaval in many regions of the country. Overbuilding, investor speculation and lax mortgage lending standards are mentioned as some of the key reasons to the contraction. In many respects, however, it's merely a market economy at work which has its periodic ups and downs. With proper government controls these turbulent periods can be softened, but not eliminated. Yet, the blame game is in full force from coast to coast and the home loan sector, for one, was caught in the cross-hairs of many regulators who are now busy rewriting its (6 comments)
Mortgage foreclosure scam guard - 12/19/07 12:16 PM
Be prepared. The scam artists are on the move. The inevitable byproduct of any market distress is the introduction of them to further complicate the already confusing situation. According to the FBI foreclosure fraud numbers are as high as they have ever been, having received 35,000 reports last year that adds up to almost $1 billion. The key is to be able to identify the foreclosure rescue scams and steer clear of them. Here are some pointers. Equity skimming is one of the more widespread tricks. In it the homeowner would temporarily convey ownership of the property to the shady operators while (6 comments)
Springs Preserve attracting eco-friendly conferences - 12/17/07 10:57 PM
Springs Preserve is a cultural and historical site in the heart of Las Vegas. It primarily observes the city's past, but as it does so, it also looks forward into the future, offering a vision of sustainable living and what it entails. It is a 180-acre attraction with Nevada State Museum and other historical exhibits, hiking trails and about 50,000 square feet of banquet and meeting space. While the conference area is rather small compared to many of the vast facilities on and around the Strip, it has managed to draw the interest of the national convention industry with its eco-forward approach. (4 comments)
Locals and visitors to Las Vegas do know that fine dining has in recent years made strong inroads into the city's restaurant milieu. Most of them are located in the Strip resorts or their adjacent shopping emporiums. The historically affordable meal remains available, it's the gourmet edition that has been added to the global menu. With fine dining comes higher prices is the assumption. The Zagat Guide for Las Vegas proves that correct with a firm assertion. In its latest edition Las Vegas moves to number one for the most expensive restaurant city in the nation. Average meal here costs now $44.44 (8 comments)
Vegas housing market about to pick up? - 12/14/07 11:47 PM
A lot of attention has lately been directed toward the mortgage industry where lenders continue to struggle with rising foreclosures and try to keep their balance sheets somewhat respectable. Washington also announced an interest rate freeze plan that on the outset received proper headlines, but on closer scrutiny it appears to be more politics than a sincere attempt to help those in need. In the meantime, Greater Las Vegas Association of Realtors, or GLVAR, compiled its monthly statistics for November and one sector indicates that the market is working actively on trying to right itself. It's the single-family house inventory that (10 comments)
Las Vegas arena race is on - 12/12/07 05:53 PM
Sin City is working diligently to bring a professional sports franchise to Southern Nevada. Whether it can support one at this stage is a different matter. The other thing is that the city presently lacks a modern arena to house such a team. Thomas & Mack on UNLV campus seems to have what it takes, yet when the new sports palace is being discussed, the university facility isn't even mentioned as an option. Now there are two separate stadium proposals on the drawing board. One is by Anschutz Entertainment Group, or AEG, and Harrah's Entertainment and the other by REI Neon/ Warburg (2 comments)
Is Nevada taking advantage of its vast solar power potential? - 12/12/07 12:35 PM
It soon will be, in a small scale. This month Nellis Air Force Base located just north of Las Vegas will start up this continent's largest solar photo-voltaic system, built by the partnership of U.S. Air Force, MMA Renewable Ventures and SunPower Corp. It will generate over 30 million kilowatt hours of power annually and provide 25% of the base's total electricity needs. The system is projected to save the installation $1 million every year, making the source at the same time sustainable and more independent. Nevada can do much better than that, however. There are more sunny days here than (6 comments)
Las Vegas real estate market sluggish - 12/11/07 10:25 PM
There have lately been small signs of improvement in the local housing market and anything positive on that front is warmly embraced. Perhaps the low mortgage interest rates are helping out, perhaps the sellers are pricing their homes more realistically, could be the buyers have realized that now is the time to make the commitment. Or it's a little bit of all of them. The Southern Nevada Index of Leading Economic Indicators rose slightly in November to 133.06. The index is compiled by the UNLV's Center for Business and Economic Research and really is a six-month economic forecast from the month (0 comments)
Foreclosure process tripped by a court - 12/08/07 11:15 PM
The climbing foreclosure graph has been in the news for a good while and according to industry observers more are on the way as mortgage interest rates on a host of ARMs reset higher in the coming months. The financial markets are really concerned. To try to put a halt to the rise, Washington, consumer groups, lenders and investors are desperately seeking solutions to the hardship. Their task just became a little harder. A judge in the U.S. District Court in Cleveland recently dismissed a lawsuit where Deutsche Bank had sued to repossess 14 homes that were foreclosed on. The reason was (4 comments)
Las Vegas developable land hunt - 12/07/07 10:53 PM
Downtown and its surrounding areas have long had a questionable reputation and a leisurely drive through there will quickly spell it out why. The only bright spot has really been the Fremont Street Experience with its well-lit casinos. Only the brave would choose to go that way after dark, much less buy a house there to live in. But things have lately changed for the better. Investors, many of them from out-of-town, have been able to identify suitable parcels of land scattered about and purchase them for a price that met their return on investment criteria. Then they proceeded to build (6 comments)
UNLV celebrates 50th anniversary with a book on its history - 12/07/07 03:53 PM
Las Vegas is better known globally for its superb entertainment, colorful nightlife and diverse gaming than for higher education. Even though the city's history has been previously chronicled in a host of books, their emphasis has been rather one-dimensional, basically covering all matters related to the Strip. Perhaps so because it's called the Entertainment Capital of the World. The 50thanniversary has helped put UNLV more prominently on the map. In honor of this important date, Dr. Eugene Moehring, a history professor and department chair, just published a book about the school, titled "The University of Nevada, Las Vegas, A History". The project took (0 comments)
Subprime mortgage rate freeze on thin ice - 12/05/07 10:05 PM
When the Treasury Secretary announced in a recent speech that the Hope Now coalition is working on an ambitious plan to freeze interest rates on qualified mortgages, the mood among homeowners who could be positively affected surely was upbeat. Hope Now is an alliance of community, government and industry groups in search of viable solutions to the subprime mess. The aim is to rewrite eligible adjustable rate mortgages, or ARMs, so that when they reset, borrowers won't be burdened with unaffordable payments. After a mortgage is issued, it typically is sold to the secondary market where it could be repackaged and sold (10 comments)
Las Vegas real estate sold by auction houses - 12/05/07 01:06 PM
As the Southern Nevada real estate market struggles with a high inventory of unsold homes, sellers are trying to find ways to successfully move their properties. They list them with Realtors and the MLS, some decide to proceed on their own as FSBOs and advertise in the newspaper and the Internet, they distribute flyers in the surrounding neighborhoods, they do a lot of different things and often none of it works. But many of them must sell, for a variety of reasons. This is where the auction house comes into the picture. Today, it's increasingly the last resort for a desperate seller. Now (4 comments)
Housing woes punish U.S. cities - 12/01/07 09:24 PM
The adverse consequences from the reeling residential real estate market are expected. The severity of them is the open question. They are felt from individual homeowners to cities and states and all the way up to large-scale investors, including many central banks around the world, who purchased mortgage-backed securities for their portfolios. Well aware of that, Washington and the international financial community both are carefully monitoring developments in the housing industry. Global Insight, a consulting and forecasting company, recently concluded a report describing how major U.S. metropolitan areas will fare next year. It was prepared for the U.S. Conference of Mayors that plans (16 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.