las vegas short sales: The Las Vegas, NV Area Welcomes Something Called "APPRECIATION"
- 05/14/10 04:48 AM
I am Happy to Report:
For the first time in almost three years, Las Vegas welcomes (year over year) something foreign called "APPRECIATION" in both the Condo/Townhome & SFR Residential Sectors!
Year over Year (April 2009/April 2010) Appreciation in the Las Vegas Area:
SFR Average Price: +4.2% SFR Median Price: +0.2% Condo/Townhome Average Price: +6.9% Condo/Townhome Median Price: +8.5% (source: Greater Las Vegas Association of Realtors)
Did You Know?
Las Vegas Area (as a whole) has been a seller's market for a little over a year now. While I remain cautiously optimistic about our market turning to be all peaches and … (45 comments)
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las vegas short sales: Will Las Vegas Cash Buyers Pull Us Out of the Weeds?
- 05/13/10 02:08 AM
While I don't think this is close to over, I do believe that we may quite possibly have seen the worst of days as we cycle through Las Vegas Area Foreclosures!
One trend that pushed me to an AHA (!) moment the other night as I comb through this market in a frustrating manner, is the ALL CASH TRANSACTION.
A majority of our defaults are strategic defaults. Let's not kid ourselves here. A majority of homeowners are not losing their homes due to hardship or economic circumstances but rather they are annoyed (to put it mildly) that their homes have lost … (14 comments)
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las vegas short sales: Economic Conditions for the Las Vegas Valley April 2010
- 05/02/10 06:12 AM
Economic Conditions for the Las Vegas Valley February 2010
Housing Conditions:
Foreclosure/Short Sale Listings (4/15/2010): Total Listings 9302; Short Sales: 4323, 46% of all listings; Bank Owned Listings: 1348, 15% of all listings. Short sale and REO listings consume 61% of total listings New Home Sales (March 2010, units sold): 427 Year Change -8.4% (excl condo conversions, highrises) New Home Sales (March 2010, median price): $211,028 Year Change -7.5% (excl condo conversions, highrises) Existing Home Sales (March 2010, units sold): 3833 Year Change +25.1% Existing Home Sales (March 2010, median price): $124,500 Year Change: -12.3% New Home … (0 comments)
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las vegas short sales: Las Vegas NV Area Pendings March 2010 Real Estate Market Report: Homes For Sale, Under Contract, Sold
- 04/26/10 11:49 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market with very little inventory. Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las … (9 comments)
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las vegas short sales: Las Vegas, NV Area March 2010 Short Sale Inventory Update
- 04/21/10 01:12 AM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Inventory has DECREASED by -480 units. Under Contract has increased by +882 units. Solds have INCREASED by +276 units. (THAT IS HUGE!!)
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 4/15/2010: 4323 Pending 4/15/2010: 11094 Closed March 2010: 970 Short Sales Currently Account for:
46% of All Las Vegas Valley Listings 25% of All Las Vegas Valley Sales Read here for the most current Las Vegas Area Short Sale Report.
Read here for last month's … (5 comments)
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las vegas short sales: Las Vegas NV Area March 2010 Home Sales & Listings by Type
- 04/18/10 11:50 AM
Las Vegas Area April 15, 2010 Active Listings by Type
REO: 1348 (15%) Short Sale: 4323 (46%) All Other: 3709 (39%)
March 2010 Sales by Type:
REO: 2010 (53%) Short Sale: 970 (25%) Other: 853 (22%) This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
Click here to view the most recent stats (scroll … (5 comments)
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las vegas short sales: Mountain's Edge (Las Vegas NV) February 2010 Real Estate Market Report (Homes For Sale, Under Contract, Sold)
- 03/25/10 10:03 PM
Mountain's Edge February 2010 Real Estate Resale Market Report:
Listings (3/15/2010): 168 Under Contract (3/15/2010): 406 Sold February 2010: 59 Since Last Month: Listings are DOWN -28, Pendings are UP +27, Sales are UP +4
Last Month's Mountain's Edge Real Estate Market Report
Mountain's Edge is a newer community so many of the listings are short sales or bank owned.
… (7 comments)
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las vegas short sales: RENT BACK?. . POST SETTLEMENT OCCUPANCY?. . RENT FREE?. . JUST WHEN DOES IT BECOME RISKY FOR THE AGENTS INVOLVED??
- 03/17/10 12:02 PM
As Always, Commenting Disabled so Author Can Have the Courtesy of Receiving Comments:
5 MONTHS FREE RENT? AFTER 6 MONTH OF FREE OCCUPANCY??
SURELY THERE'S A LIMIT TO LIVING RENT FREE??
Inspired by an interesting post by Richard Johnson this a.m., Short Seller Wants 5 Months FREE Rent!, about a Short Sale seller wanting to occupy the property for 5 months following settlement, I started to comment, but it got too long. Then I started to ReBlog, but even that got too long. So, for the benefit of new licensees, the matter of "Rent-Backs" can be very interesting. The Short Sale seller in Richard's … (0 comments)
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las vegas short sales: Las Vegas, NV Area Short Sale February 2010 Update
- 03/15/10 03:08 AM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Absorption is swinging into stable market territory. Solds have FINALLY gone from hovering the 200 unit mark and near the 650-800 units mark. I see improvement in this sector! Inventory has DECREASED by -31 units. Under Contract has increased by +714 units. Solds have INCREASED by +9 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 3/14/2010: 4803 Pending 3/14/2010: 10212 Closed February 2010: 694 Short Sales Currently Account for:
48% of All Las Vegas Valley Listings 23% of … (5 comments)
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las vegas short sales: Las Vegas, NV Area Pendings Report: Homes For Sale, Under Contract, Sold
- 03/15/10 12:43 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market with very little inventory. Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las … (9 comments)
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las vegas short sales: Las Vegas Valley Dips BELOW 10,000 Active Resale Units For Sale: The Heat is ON!
- 03/13/10 02:41 AM
AS OF MARCH 13, 2010, 8:05 AM:
In the twilight of the time where I traditionally pull statistics (which is the 15th of every month), I am very excited to report (for sellers) that we have ONLY 9981 Active Units available. Most of which are short sales! We have flirted with going under the 10K mark for months and months and months now and finally made it!
CAN SPRING BRING US 16000 CONTINGENT/PENDING CONTRACTED UNITS?
Contingent and Pending Contract numbers are up to 14853. We have gone over 15K pendings before (late summer/early fall 2009) so this is no where as … (36 comments)
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las vegas short sales: Economic Conditions for the Las Vegas Valley February 2010
- 03/03/10 04:14 AM
Economic Conditions for the Las Vegas Valley December 2009
Housing Conditions:
Foreclosure/Short Sale Listings (2/15/2010): Total Listings 10211; Short Sales: 4834, 47% of all listings; Bank Owned Listings: 1738, 17% of all listings. Short sale and REO listings consume 64% of total listings New Home Sales (Juanary 2010, units sold): 240 Year Change -15.5% (excl condo conversions, highrises) New Home Sales (January 2010, median price): $200,716 Year Change -14.6% (excl condo conversions, highrises) Existing Home Sales (January 2010, units sold): 3774 Year Change +22.7% Existing Home Sales (January 2010, median price): $125,000 Year Change: -19.4% New Home Permits … (7 comments)
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las vegas short sales: Las Vegas NV Area January 2010 Home Sales and Listings by Type
- 02/28/10 03:50 AM
Las Vegas Area February 14, 2010 Active Listings by Type
REO: 1738 (17%) Short Sale: 4834 (42%) All Other: 3639 (36%)
January 2010 Sales by Type:
REO: 1896 (60%) Short Sale: 685 (22%) Other: 567 (18%) This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
Click here to view the most recent stats (scroll … (1 comments)
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las vegas short sales: How Much Does It Cost For a Lawyer to Negotiate Your Las Vegas Short Sale Home?
- 02/27/10 02:49 PM
Every once in a while I scan my google analytics for long tail searches to my blogs and see unanswered "questions" in the long tail searches that found me!
This time I found the question asked twice:
How Much Would it Cost to Have a Lawyer Negotiate Your Short Sale? It depends, it is anywhere from free (the lawyer charges your lienholders) to several thousand dollars (and it is paid through a payment plan!
Which leads to another question:
How Much Does the Initial Consultation Cost? Again that answer is FREE to a couple hundred dollars, depending on … (9 comments)
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las vegas short sales: What to Wear When Shopping For a Distressed Property!
- 02/27/10 09:11 AM
I wear blue jeans and casual shoes that are made of cloth and can go in the washer. To some people, they may think I lack professionalism but if they could encounter what I encounter, as we never know what treasure we will find when we open a door, it will all be forgiven. Walk a mile in my shoes and learn what to wear (and what you will may encounter) while shopping what is termed "Distressed Property" (REO, Foreclosures, Short Sales.)
From tip toe-ing through pigeon turds & cockroach carcasses and breathing in mold in between (let's not forget … (102 comments)
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las vegas short sales: Las Vegas, NV Area January 2010 Pendings Report: Spring Season IS IN FULL SWING! Contracted Listings Up +845 in one month!
- 02/18/10 09:52 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market @ 3.2 months of inventory. Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las Vegas … (10 comments)
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las vegas short sales: Las Vegas, NV Area Short Sale January 2010 Update
- 02/14/10 10:26 AM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Absorption is swinging back into a buyer's market at 7.1 months of inventory. Solds have FINALLY gone from hovering the 200 unit mark and near the 650-800 units mark. I see improvement in this sector! Inventory has increased by +99 units. Under Contract has increased by +581 units. Solds have decreased by -109 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 2/14/2010: 4834 Pending 2/14/2010: 9498 Closed January 2010: 685 Month's Inventory: 7.1 Short Sales Currently Account for:
47% of … (5 comments)
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las vegas short sales: Is Your Friend Who is Giving You Legal/Strategic Default Advice a Lawyer?
- 02/12/10 01:56 AM
I didn't think so!
If you had cancer, would you allow the same friend to operate on you? Uh, probably not. People need friends to listen to them in times of peril. They need guidance but not necessarily advice.
I became a little disgruntled about some advise that we need to sue the filthy banks for all the evil they do yesterday here.
I am not a lawyer,
nor do I play one on AR! Do you understand what the consequences of words and advice can mean, no matter how well intentioned it is? Many people listened to their friends' … (7 comments)
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las vegas short sales: Las Vegas Market Trends: Listings for HUD Homes & Trustee Flips Appear to be on the Rise!
- 02/09/10 11:47 PM
HUD Home Listings Seem to be on the Rise HUD Home listings appear to be trending a rise. I think this is due to the lack of FHA lending between 2002-2006. FHA started to gain some steam when the conventional 100% stated income loan started it's demise in 2007. In the last several years we have cycled through refi's and purchases between 2002-2005. The defaults we are seeing now are newer defaults - ones that were bought or refinanced in 2007 or 2008.
Trustee Sale Flips
Infiltrating the Market
Trustee sale flips are slowly gaining their ground and have been … (13 comments)
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las vegas short sales: Economic Conditions For The Las Vegas Valley January 2010
- 02/03/10 11:10 AM
Economic Conditions for the Las Vegas Valley December 2009
Housing Conditions:
Foreclosure/Short Sale Listings (1/15/2010): Total Listings 10424; Short Sales: 4735, 45.4% of all listings; Bank Owned Listings: 2137, 20.1% of all listings. Short sale and REO listings consume 65% of total listings New Home Sales (December 2009, units sold): 477 Year Change -25.7% (excl condo conversions, highrises) New Home Sales (December 2009, median price): $216,854 Year Change -11.2% (excl condo conversions, highrises) Existing Home Sales (December 2009, units sold): 3774 Year Change +45.8% Existing Home Sales (December 2009, median price): $123,000 Year Change: -24.5% New Home Permits (December 2009): … (8 comments)
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I am Happy to Report:
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