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sin city: Las Vegas regular home sales bring top dollar - REOs and short sales lag - 05/18/10 10:46 PM
The current real estate chaos has introduced even the timid to the exotic avenues of unloading a home. Before, the industry experts were usually the only ones well-versed on REOs and foreclosure and short sales and even auctions. This generation of mortgage borrowers and homeowners has been, whether they liked it or not, put through a crash course on various "creative" methods of selling a property. Some have been personally involved in the paperwork-laden processes when delinquency was knocking on the door, while others have followed from the sidelines through media the often hair-raising developments. It has been for everyone a unique (8 comments)
sin city: Southern Nevada resale statistics all over the map in April - 05/11/10 08:32 PM
If the median price of a single-family house is used as a sole indicator for the health of a real estate market, then Sin City would be hailed as being on the mend. According to GLVAR, or Greater Las Vegas Association of Realtors, Las Vegas median price grew to $142,000 in April, a strong 4.4% improvement from March. Not only that, it also is 0.2% higher from the same month last year, for the first time the year-over-year number is positive since 2007. Single-family house prices peaked in Las Vegas in February of 2007 at $310,000. The slide without a doubt (6 comments)
sin city: Private mortgage insurance firms changing direction - 04/28/10 05:22 PM
PMI, or private mortgage insurance, played a large role in yesterday's real estate boom, allowing buyers acquire property without putting a penny down. That was a tempting prospect indeed. 100% financing actually became quite popular those days as values kept galloping up on a steady pace that quickly generated equity no borrower in his right mind would dare turn down. The standard rule required a PMI if the down payment was less than 20%. These insurers were making money hand over fist, like just about all the other housing market participants did. The real estate market's collapse changed everything in a (6 comments)
sin city: Las Vegas sees first out-migration in hundred years - 03/29/10 06:08 PM
Southern Nevada was hailed as the boomtown USA just a few years ago. Those days as many as 54,000 people annually moved into the area from all corners of the country. They came here for jobs and the climate and the good old-fashioned excitement of being able to live in Sin City dominated by the gaming industry and everything that comes with it. The phenomenal growth was partially fueled by affordable housing which was soon followed by more relaxed mortgage underwriting standards that eventually opened the floodgates to an unsustainable real estate boom. And then came the bust. The effects (11 comments)
sin city: Las Vegas real estate now most undervalued in U.S. - 03/05/10 01:44 PM
An eye-catching national housing market study was released in January 2006, right in the middle of the infamous bubble that when it deflated with a lot of noise it threw the country's economy into a tailspin that it is still trying to get out of. It explained that the most overvalued, yes overvalued, real estate then was largely concentrated in California and Florida. Small surprise there. Naples, FL, was crowned the leader in that, being a whopping 84% above what property actually ought to cost. It's anyone's guess how many people would've dared to buy a house there those days had (8 comments)
sin city: Home buyers beware, walkable neighborhoods command higher prices - 08/24/09 06:11 PM
Real estate, they say, is all about location, location, location, and that is in a certain way backed up by a recent study commissioned by CEOs for Cities. It's a nationwide cross-sector group of urban movers and shakers from academic, business, civic and philanthropic fields committed to building and sustaining the next generation of strong American cities. They if anyone ought to have a finger on the pulse on this topic. "Walking the Walk: How Walkability Raises Housing Values in U.S. Cities" is the report's title, prepared by Joseph Cortright from Impresa, a Portland consulting operation. Basically what was measured was (10 comments)
sin city: Las Vegas resale real estate numbers remain steady in July - 08/11/09 01:21 PM
The housing market in Southern Nevada had several strong months late in the spring and going into the summer, largely because of low mortgage rates and increasingly affordable prices. Those two conditions have that something extra to attract buyers, in this day and age mostly first-timers and investors, to make a play for it. GLVAR, or the Greater Las Vegas Association of Realtors, reports that for July the stats are still rather strong, although some slowdown from previous months is evident. The single-family home inventory slipped lower by 0.9%, from 20,613 in June to 20,423. It is slowly coming down. Many (6 comments)
sin city: The Conference Board says consumers more confident - 04/28/09 06:32 PM
That's music to a lot of ears. The widely-known index that measures consumer attitudes and buying intentions jumped 12.3 points in April, representing the best showing for it since November. Despite that, it would be premature to pop any corks yet and let it flow. The banking sector continues to wallow in deep trouble and the job market has seen much better days. Still, it is a sign that sun is beginning to shine through gaps in the dark clouds overhead. The mood from the steady drumbeat of mortgage foreclosures to layoffs to corporate trouble is seemingly shifting, although cautiously, toward (8 comments)
sin city: Las Vegas near top of list for bargain properties - 04/14/09 09:25 PM
It's not easy but Sin City is doing all it can to turn the tide on the bad hand it has been dealt over the past few years regarding the housing market. It has steadily occupied high rankings on many mortgage- and real estate-related lists that no one really wants to be on. But now Vegas is on one that is going make it look a little better. And give everyone in the valley real hope as far as the future of the housing market goes. The Top 10 Bargain Markets list is out and Las Vegas is third on it. FHFA, (10 comments)
sin city: Canadians drawn to Las Vegas real estate - 03/30/09 08:07 AM
Southern Nevada housing market has recently been through plenty of agony. Despite low mortgage interest rates sales of single-family houses, condominiums and townhomes have been slow, especially in the middle and upper ends of the price scale. Sinking values have attracted first-time buyers and real estate investors to rummage through the bulging inventory in the lower end of the marketplace and grab property, often foreclosures, at huge discounts. Sin City's housing supply is still way too high and needs to come down further to give the market a chance for recovery. One group that has been moderately active in the past (6 comments)
sin city: Mortgage approval hinges on an acceptable appraisal more than ever - 03/14/09 06:43 PM
As if there already weren't enough roadblocks to qualify for a home loan. Most of the past mortgage programs have vanished into thin air in the aftermath of this still percolating real estate meltdown. Besides, down payment requirements have increased, FICO score standards are higher, PMI firms are pulling out of markets and so it goes. Then there is the all-important appraisal. It's hard to get an accurate one when there are very few, if any, comparables in the immediate neighborhood to use. Homes are just not selling like they once were and this is the most reliable yardstick appraisers have (6 comments)
sin city: Cosmopolitan Las Vegas back in the spotlight - 03/12/09 09:40 PM
Just a week or so ago Cosmopolitan was the focus of discussions between Deutsche Bank, the current owner of the troubled resort, and MGM Mirage over the Las Vegas casino developer's potential involvement in managing it, possibly even becoming a part owner. These talks collapsed, though. But it didn't take long for a new party to emerge with a genuine interest in the project. Hilton Hotels Corp. is currently busy at work on plans to launch a new hotel brand called Denizen Hotels. The product is going to be conveniently modern with global appeal that is complimented with a local (3 comments)
sin city: Las Vegas participates in global Earth Hour event - 02/28/09 06:46 PM
This is Sin City's chance to prove it truly cares about climate change and having bravely accepted the challenge it'll be joining almost 700, by the latest count, other cities in the effort. Earth Hour simply means that lights are flipped off for one hour. The date for this is set for March 28, 2009 and it will occur in Southern Nevada starting at 8:30 p.m. The spectacle was invented by World Wildlife Fund, or WWF. It's actually considered a type of a global vote between Earth and global warming. Those who switch off their lights favor Earth and those who (4 comments)
sin city: Las Vegas real estate market ready for a recovery? - 02/24/09 09:03 PM
That would be nice. But will it actually happen any time soon? Hard to say. Lawrence Yun, the chief economist for the National Association for Realtors, or NAR, thinks it is just around the corner. In his opinion it could kick off in the latter half of this year. He was in town to speak to the group's Rocky Mountain Regional Conference and said that Southern Nevada will be in the forefront of the upcoming turnaround. Prices here have plunged to levels that make home buying very affordable again, like it was early in the decade. Mortgage interest rates remain low, (4 comments)
sin city: Southern Nevada existing home sales still strong in January - 02/10/09 05:58 PM
The same pattern keeps more or less repeating itself when it comes to monthly Las Vegas real estate numbers. In essence, there are some good news and then some less than good news. One way of putting is that the market is simply trying to find its bearings. As usual, GLVAR, or Greater Las Vegas Association of Realtors, is providing a detailed look at what happened in January in the local housing sector. Altogether 2,224 single-family houses were closed, amounting to a stellar 126% leap from the year ago figure. That trend has been evident for quite some time now and (6 comments)
sin city: Las Vegas real estate now undervalued says national report - 12/11/08 10:44 PM
Homeowners across Southern Nevada know that their properties have lost quite a bit of value during this incredible mortgage and housing meltdown. It's a somber feeling to first watch the equity in a home shrink down to nothing and then to make matters worse in many cases the spiral has continued on down to create an upside down situation. That surely isn't what home ownership usually means. So, in the big scheme of things, how low have the prices dropped in town? An intriguing report was just published by IHS Global Insight, a forecasting shop, and National City Corp., titled House (12 comments)
sin city: Las Vegas high-end real estate market inviting, explains The Robb Report - 09/30/08 09:02 PM
It is really nice to hear upbeat news for a change. The attention lately in Southern Nevada has been trained on the mortgage industry struggling with a load of foreclosures and the housing market trying hard to get its supply and demand in balance that would then stop prices from sliding any further. Those are generally the big issues of the day in the valley that people talk about. But bring in The Robb Report Vacation Homes and change the topic, at least for a while. The magazine conducted hours of research on over 50 international destinations in an effort to (10 comments)
sin city: Where is Las Vegas on this affordable markets list? - 07/04/08 12:54 PM
A few weeks ago MSN gave Sperling's Best Places a call and asked them to put together a ranking of most affordable places to live right now. The survey is officially called the 2008 MSN Real Estate Most-livable Bargain Markets list. Okay, kind of long but we'll take a look at it anyway. The criteria was as follows; concentrate on the 100 largest metro areas, find the most affordable ones by using the median income to median home price ratio, then take into account unemployment rate, commute times and the availability of decent entertainment and recreation. Here are the top nine (8 comments)
sin city: 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)
Vegas is already on the map of those who are looking for world-class entertainment, gaming and late night action. Over the years it has also sought to mix those elements with sports, which nowadays is becoming ever more multi-function entertainment and less pure athletics. Boxing has been and still is a big draw in town. Formula One racing was on the agenda for a few years, as was pro soccer, but both failed to gain the needed acceptance for long-term survival. Bringing in a major league pro team here continues to be the dream of City Hall and many resorts. How (2 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.