las vegas foreclosures: Economic Conditions for the Las Vegas Valley October 2007
- 11/02/07 03:51 PM
Economic Conditions for the Las Vegas Valley September 2007 Housing Conditions:
Foreclosure/Short Sale Listings (11/2/2007): Total Listings 26,884; Foreclosures Commenced: 1669, 6.2% of all listings; Short Sales: 3852, 14% of all listings; Bank Owned Listings: 1909, 7% of all listings. New Home Sales (September 2007, units sold): 1153 Year Change -54.2% (excl condo conversions, highrises) New Home Sales (September 2007, median price): $304,790 Year Change -8.4% (excl condo conversions, highrises) Existing Home Sales (September 2007, units sold): 1544 Year Change -49.7% Existing Home Sales (September 2007, median price): $262,377 Year Change: -7.9% Single Family Residential Building Permits (September 2007): 620 Year … (6 comments)
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las vegas foreclosures: Some Las Vegas Bank Owned/Foreclosure Listings
- 11/02/07 02:55 AM
Other Bank Owned Listings that may interest you:
Rhodes Ranch: 2964 Square Feet, Guard Gated Golf Community with Water Park. $430,000 Reduced!!
Southwest: 4 Bedrooms, Near 215/South Jones. $270,900 Reduced!
Southern Highlands: Going to Auction Dec 2, Fill out a pre-auction offer now! $126 a square foot!
Southwest: Single Family near 215/South Durango w/ attached garage! Only $214,900
If you are looking to buy a bank owned, short sale or new construction property. Please do not hesitate to give us a call for an interview! We will be happy to email you bank owned, short sale or new construction listings that will fit your needs, … (4 comments)
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las vegas foreclosures: Are Banks Becoming the Upcoming Buy & Hold Investor in Las Vegas?
- 10/28/07 05:11 AM
That is the pressing question of the week!
Here is something I have noticed:
Las Vegas Rental Inventory Slight IncreaseResale Inventory Stable to Slight DecreaseLast Three BPO's have Requested a Rental CMACoincidence?
I was talking about this with an LO on Friday and he confirmed that banks are considering a buy/rent/hold strategy to avoid more asset loss with increased inventory. Ergo foreclosures will become rental property and stay on the bank's books until better times are upon us.
What are thoughts and observations from other markets?
My thoughts are that this will alleviate some stress from a declining resale market soaked with too much inventory and … (19 comments)
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las vegas foreclosures: Las Vegas New Construction, Foreclosures & Rental Homes: Let's Talk About the GOOD Markets!
- 10/21/07 10:03 AM
Las Vegas NV Real Estate hasn't been a total bomb this year. There are several markets that are moving that need to have their day in the sun. Just like my subject line touts: Rentals & New Construction are chugging along fairly well. Bank Owned Property (REO's or foreclosures) are moving and I do believe are set to see better days VERY soon with prices slowly sliding downward.
New Construction: New Construction started out with a bang in 2007 when January unit sales outpaced 2003, 2004, 2005 & 2006. The mortgage meltdown in late Feb/Mar slowed it down but it still was … (2 comments)
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las vegas foreclosures: High Rise Inventory Updates:
- 10/18/07 06:21 AM
We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons:
Too many speculators in that market. They want to close n flip. They are not interested in holding, renting or living in them. Each time a building closes, we see an increase of inventory.Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is. So the buyer pool for both resales and … (9 comments)
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las vegas foreclosures: The Naughty "F" Word to Rear It's Ugly Head Again...
- 10/16/07 02:46 PM
And then I will be done with it :)
There has been several in depth reports in the Las Vegas Review Journal. Y'all know I am not a big fan of the media, but these are some pretty detailed reports outlining many of the problems we are facing right now.
I highly recommend that homeowners and renters in the Las Vegas, NV Valley read the three part series dated from Oct 14-16, 2007.
Some of the highlights talk about (the same things I have been talking about!):
Renters having to move out quickly because the house they are renting is getting foreclosed on.Crimes … (5 comments)
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las vegas foreclosures: Hey Mommy, I Have a Flesh Wound: Can You Kiss It, Put a Bandage on It & Make It Better?
- 10/09/07 02:43 AM
Here's the September 28, 2007 Press Release from the Governor of Nevada's office: Economic Summit on Housing Stability. Here's the coverage on Channel 3, the lack of coverage on Channel 5, more lack of coverage on Channel 8, and absolutely zero coverage on Channel 13 & the Las Vegas Review Journal.
So here we have it, the Governor of Nevada hosting a summit with lenders and credit guarantors so:
"Although there are no guarantees, we believe that by hosting this Summit, we have a better chance to make progress toward finding help for those Nevada homeowners who are in need of … (14 comments)
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las vegas foreclosures: If this Little Broad Can Figure it Out, Why Can't They?
- 10/03/07 06:28 PM
I have been extremely busy and have figured something out that it doesn't take a brain surgeon to figure out.
I am in the field working with buyers, renters, marketing a couple of my broker's 200 foreclosure listings and interior inspections for BPOs, just to name a few :)
What the big SURPRISE is that you will have newer subdivisions with lots of signs, lots of "bank owned" riders, lots of chirping smoke detectors, lots of dead landscaping. I have even narrowed it down to one MAJOR builder.
I can only guess what incentives their "preferred lender" had to offer.
Must've been … (59 comments)
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las vegas foreclosures: Las Vegas Short Sales Absorption Rate Rises YET AGAIN!
- 10/03/07 03:08 AM
The Las Vegas Short Sale Absorption Rate has risen to a pitiful 51 months of inventory, up from 43 months last month!
On 8/27 there were 2743 listings with 250 pendings and 63 closed between 7/15-8/15/2007. On 10/3 there were 3393 listings with 244 pendings and 66 closed between 8/16-9/16/2007.
Some underlying reasons why short sales are not closing:
They are hard to show. The seller wants to show the bank they are listed to prolong foreclosure. A good portion of these are tenant occupied.The list agent isn't submitting a short sale package prior to getting an offer.They are priced so low the … (11 comments)
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las vegas foreclosures: Icky Green Pools!
- 10/02/07 04:22 PM
There are SO many foreclosures and vacant homes in the valley. With the foreclosures, usually the electricity and water gets shut off too.
Homes with pools will turn into soupy green pools. A stagnant pool will provide the ideal breeding ground for mosquitoes .
The Southern Nevada Health District is also concerned about the amount of vacant, unkept homes asks that you report green pools, spas or stagnant water sources to help prevent the spread of West Nile Virus. You can report by calling: SNHD 702-759-7220
All the Best,Renee BurrowsRealtor®Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!8942 Spanish Ridge … (10 comments)
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las vegas foreclosures: YIKES! You've Been Paying Your Rent ~BUT~ Your Landlord Has Not Been Paying the Mortgage!
- 10/01/07 07:36 AM
I absolutely HATE these calls. I get them 1-2 times a week so I can calm them down and let them know they are NOT alone! I have been noticing this trend also when searching for buyers. When are the banks going to wise up and start cracking down on mortgage fraud? I wonder how many tenants DO NOT know until it is too late!
I am not a vengeful person but sometimes when one gets stuck between a rock and a hard place, that is not a pretty place to be! If you want a little closure, here is some helpful … (19 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley August 2007
- 08/25/07 12:42 PM
Housing Conditions:
Foreclosure/Short Sale Listings (8/25/2007): Total Listings (8/25/3007) 27,217; Foreclosures Commenced: 972, 3.6% of all listings; Short Sales: 2316, 8.5% of all listings; Both Foreclosures Commenced AND Short Sales: 420, 1.5% of all listings. New Home Sales (July 2007, units sold): 1257 Year Change -48.1% (excl condo conversions, highrises) New Home Sales (July 2007, median price): $314,551 Year Change -6.2% (excl condo conversions, highrises) Existing Home Sales (July 2007, units sold): 2101 Year Change -40.2% Existing Home Sales (July 2007, median price): $278,000 Year Change: -4.1% Single Family Residential Building Permits (July 2007): 851 Year Change -45%Rental Rate (MLS Monthly … (4 comments)
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las vegas foreclosures: Largest Foreclosure Auction Sale in Las Vegas Tomorrow: August 5, 2007
- 08/04/07 04:39 AM
Details:
Sunday, August 05, 2007 - 1:00 P.M. JW Marriott Las Vegas Resort, Spa & Golf221 N. Rampart Blvd. Las Vegas, Nevada, 89145 702-869-7777
Click here to view the homes.
Click here to view the terms and conditions of sale.
Auction FAQ and Info Sheet.
This is being reported as the largest foreclosure auction in Las Vegas history. I may just go and check it out tomorrow, I will report back on what went on!
All the Best,Renee BurrowsRealtor®Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!8942 Spanish Ridge AvenueLas Vegas, NV 89148direct: 702-580-1783fax: 702-995-8237Renee@ReneeBurrows.comhttp://www.ReneeBurrows.com
… (5 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley April 2007
- 04/14/07 08:27 AM
Economic Conditions for the Las Vegas Valley March 2007Housing Conditions:
Foreclosure/Short Sale Listings (4/14/2007): Total Listings (4/14/2007) 23,675; Foreclosures Commenced: 806, 3.4% of all listings; Short Sales: 1104, 4.7% of all listings; Both Foreclosures Commenced AND Short Sales: 305, 1.2% of all listings. New Home Sales (February 2007, units sold): 1,142 Year Change -47.3% (excl condo conversions, highrises) New Home Sales (February 2007, median price): $330,070 Year Change -4.4% (excl condo conversions, highrises) Existing Home Sales (February 2007, units sold): 2,332 Year Change -27.2% Existing Home Sales (February 2007, median price): $289,000 Year Change: 2.5% Single Family Residential Permits (February 2007): 1170 Year … (0 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley March 2007
- 03/14/07 04:55 AM
Economic Conditions February 2007
Housing Conditions: Foreclosure/Short Sale Listings (3/14/2007): Total Listings (3/14/2007) 21,717; Foreclosures Commenced (listings 3/14/2007) 645, 2.9% of all listings; Short Sales (listings 3/14/2007) 913, 4.2% of all listings; Both Foreclosures Commenced AND Short Sales (listings 3/14/2007) 285, 1.3% of all listings. New Home Sales (January 2007, units sold): 1,610 Year Change -22.1% (excl condo conversions, highrises) New Home Sales (January 2007, median price): $335,054 Year Change -2.4% (excl condo conversions, highrises) Existing Home Sales (January 2007, units sold): 2,423 Year Change -25.6% Existing Home Sales (January 2007, median price): $280,000 Year Change: -1.8% Single Family Residential Permits (January 2007): 1147 Year Change -46.2% … (0 comments)
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Economic Conditions for the Las Vegas Valley September 2007 Housing Conditions: 
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