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Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)



 
Foreclosure/Short Sale Listings (2/15/2011): Total Listings 15128; Short Sales: 7728, 51% of all listings; Bank Owned Listings: 2935, 19% of all listings. Short sale and REO listings consume 70% of total listings New Home Sales (January 2011, units sold): 224 Year Change -6.7% (excl condo conversions, highrises) New Home Sales (January 2011, median price): $207,363 Year Change +3.3% (excl condo conversions, highrises) Existing Home Sales (January 2011, units sold): 3080 Year Change -0.4% Existing Home Sales (January 2011, median price): $115,000 Year Change: -8.0% New Home Permits (January 2011): 232 Year Change -38.9% Rental Rate (MLS Monthly Average Dec 2010): $1563/month  My analysis:  Distressed listings (foreclosures and short sales) are 70% of total listings no movement from last month.  This figure is slowly going up after many months of decline. Credit markets must be watched as underwriting guidelines continue to tighten.  Condos are barely financeable.  Resale sold units and pendings remain impressive from the tax credit highs.  Inventory IS increasing as pent up demand from first time buyers was exhausted from the tax credit offering that expired June 30, 2010.  The rental market is softening due to all the investor/first time buyer combination of activity.  This adds more supply and ... more

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