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Las Vegas In Business reported August14,2010 - Las Vegas home prices to go up slightly in 2011

Mark Boud, a California-based economist and founder of Real Estate Economics, a real estate consulting firm, said he expects home prices to increase slightly in 2011 and by 2015 values could appreciate 7.5 percent a year.

Low home prices have driven sales in Las Vegas despite the weak economy and as it improves in 2011, that should spur more sales and some appreciation, Boud said. He said Las Vegas is 58 percent undervalued.

"If you look long term, Las Vegas is a screaming deal," Boud said. "Those who are buying now are paying 12 cents on the dollar (of their income) versus 35 percent in 2006."

Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.

Nevada continued to document the nations highest foreclosure rate for the 43rd straight month, with one in every 82 housing units receiving a foreclosure filing in July.

A total of 13,727 Nevada properties received a foreclosure filing in July, a nearly 7 percent increase from the previous month but a nearly 30 percent decrease from July 2009. July was the 10th straight month where overall Nevada foreclosure activity decreased on a year-over-year basis. Las Vegas Foreclosure activity increased nearly 9 percent from the previous month, which registered the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 71 Las Vegas housing units received a foreclosure filing in July, more than five times the national average.

Take a look at this report (courtesy of Nevada Title) analyzing the median price history of the Las Vegas real estate market from January 2005 thru June 2010.

As you can see, the LAs Vegas real estate market has gained $8,096 since market bottom in January 2010. The time that has passed is 165 days from bottom. Thats a gain of $50 per day on the median price scale. From the peak at $324,000 to the bottom at $132,632, a total of $191,368 in equity was lost by property owners.

At the current rate of equity gain, it would take a little over 10 years to recover the lost equity. In terms of median price, the market should be interpreted as holding at the current levels with a slight positive propensity.

Are you looking to purchase property in the Las Vegas area? Now is the time to buy.

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This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of August 4, 2010, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available - 10,215 (+197, Last Week 10,018)
Under Contract - 11,113 (-286, Last Week 11,399)
Days of Supply - 28 (+2, Last Week 26)
Short Sales - 12,603 (-47, Last Week 12,650)

Condominiums and Town Homes (CONDO/TH)
Available - 2,461 (+15, Last Week 2,446)
Under Contract - 2,735 (-96, Last Week 2,831)
Days of Supply - 27 (+1, Last Week 26)
Short Sales - 3,167 (-23, Last Week 3,190)

Combined SFR + CONDO/TH
Available - 12,676 (+212, Last Week 12,464)
Under Contract - 13,848 (-382, Last Week 14,230)
Days of Supply - 27 (+1, Last Week 26)
Short Sales - 15,770 (-70, Last Week 15,840)  

REO Insider recently reported: Fannie's REO volume doubles on mounting foreclosures and longer disposition times

Fannie Mae acquired 68,838 single-family REO properties through foreclosure during Q210. At June 30, Fannie had 129,310 REO properties in its inventory, with a carrying value of $13bn - an increase from 62,615 properties valued at $6bn at the end of Q209. Fannie said it expects REO inventory will continue to "increase significantly" throughout 2010.

Fannie said 36% of its portfolio can't be listed for sale because the properties are protected under redemption periods. The redemption periods - which allow previous owners to reclaim the property by paying all the money owed on the mortgage - add four to six months to the time the property sits in Fannie's REO inventory.

Of the pool of unmarketable properties, Fannie said 36% are in occupied status, adding another one to three months to the disposition process. Other properties can't be sold because they're being repaired.

Preforeclosure sales and deeds-in-lieu of foreclosure totaled 21,515, compared with 17,326 in the first quarter of 2010.

Calculated Risk Blog also reporting on this story stated "Fannie Mae: REO Inventory doubles, expected to increase "significantly".  Fannie Mae reported that their REO inventory more than doubled since Q2 2009, from 62,615 to 129,310 in Q2 2010.  As this chart from Calculated Risk blog demonstrates:

 Shadow Inventory and the Las Vegas Real Estate market has been a much talked about and debated topic over the last year+.

ALTOS Research is reporting that ominous shadow inventory of distressed properties hanging over the industry will lock home prices into a downward trajectory for the remainder of this year, with property values starting out 2011 even lower than they were in 2009.  Market trends charted by Altos show that inventory levels are indeed moving higher and the influx of shadow inventory is beginning to show in the market.

Since January, and particularly post-tax credit stimulus, Altos has tracked a rapid divergence in inventory numbers vs. listings sold and absorbed.

Here is the weekly (as of July 30) Las Vegas Real Estate Market trends as provided by ALTOS research

Are you looking to purchase property in the Las Vegas area? Now is the time to buy.

Search for Las Vegas Foreclosures Use our NEW Interactive-Map Search for all Las Vegas Homes for Sale

Felipe Crook Prudential Americana Group Realtors Las Vegas, NV 89117

1-866-589-1646  

RealtyTrac, which analyzed foreclosure data in metropolitan areas with 200,000 people or more, reported 75 Percent of Nation's Top Metro Areas Post Increasing Foreclosure Activity in First Half of 2010

Las Vegas foreclosures continue to lead the pack. One in 15 houses in Las Vegas received a foreclosure  filing. Thats 6.6% of all houses there for a total of 53,525 properties. It is a decrease of nearly 9% from the first six months of 2009 and 15% below the amount of foreclosures in the last half of that year.

In another article, Realty Trac reported First Quarter national foreclosure stats Nearly 233,000 Foreclosure and Bank-Owned Homes Sold at an Average Discount of 27 Percent.

Foreclosure sales increase 2,500 percent from 2005 to 2009
More than 1.2 million U.S. properties in some stage of foreclosure sold to third parties in 2009, an increase of 25 percent from 2008 and an increase of nearly 327 percent from 2007. Total foreclosure sales in 2009 were up more than 1,100 percent from 2006 and up more than 2,500 percent from 2005. Foreclosure sales accounted for 29 percent of all sales in 2009, up from 23 percent in 2008 and up from 6 percent in 2007.

Nevada posted the highest percentage of foreclosure sales in Q1- 2010
Foreclosure sales accounted for 64 percent of all sales in Nevada in the first quarter, the highest percentage of any state, although Nevadas percentage was down from 65 percent of all sales in the previous quarter and 75 percent of all sales in the first quarter of 2009.

Are you looking to purchase property in the Las Vegas area?  Now is the time to buy.

Search for Las Vegas Foreclosures

Use our NEW Interactive-Map Search foo all Las Vegas Homes for Sale

If you would like a FREE, confidential short sale consultation, please give me a call toll free at 1-866-589-1646.  We're here to help you avoid foreclosure, get a loan modification, or assist you to short sale your home.  Certified Short Sale Professional and Certified Distressed Property Experts handle every aspect of your short sale.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

1-866-589-1646

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of July 28, 2010, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available 10,018 (+204, Last Week 9,814)
Under Contract 11,399 (-245, Last Week 11,644)
Days of Supply 26 (+1, Last Week 25)
Short Sales 12,650 (-22, Last Week 12,672)

Condominiums and Town Homes (CONDO/TH)
Available 2,446 (+53, Last Week 2,393)
Under Contract 2,831 (-16, Last Week 2,847)
Days of Supply 26 (+1, Last Week 25)
Short Sales 3,190 (+18, Last Week 3,172)

Combined SFR + CONDO/TH
Available 12,464 (+257, Last Week 12,207)
Under Contract 14,230 (-261, Last Week 14,491)
Days of Supply 26 (+1, Last Week 25)
Short Sales 15,840 (-4, Last Week 15,844)

Are you looking to purchase property in the Las Vegas area?  Now is the time to buy.

Search for Las Vegas Foreclosures

Use our NEW Interactive-Map Search foo all Las Vegas Homes for Sale

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

1-866-589-1646

When the tax credit deadline hit on April 30th, many real estate professionals thought it would be a huge nose dive in sales. I have to say that I am still busy with buyers looking to capitalize on our incredible market because our prices are so reasonable compared to what they were 5 years ago. Here are some statistics for the housing market in Las Vegas from June 2010:

• 4,184 total properties sold (Single Family, Condo and Townhouses)
• 1,422 were short sale homes
• 1,600 were foreclosures
• 1,157 were traditional sellers

Our currently inventory has been increasing since April making it a little easier for buyers looking to get into a home. The past year, our housing inventory has dropped dramatically, to a low point of less than 8,000 houses on the market. With demand so high and inventory low, multiple offers were common place in our market. In fact, they are continuing to be common in this very competitive market. Here's what our current inventory looks like: July 8th, 2010 Las Vegas Housing Market Inventory:

• 9,812 Single Family Homes on the market
• 4,116 of those homes are short sales
• 1,857 of those homes are foreclosures
• 3,811 of those are traditional sales

More and more traditionally sellers are putting their houses on the market and trying to salvage any of the equity that they still have. Most importantly, for nine consecutive months, the median price of homes has remained stable varying slightly up and down. If there is any indication that we might have hit bottom that is a good sign. Some popular neighborhoods, are seeing increases in price as consumers gain more confidence in the economy. Many of the master planned communities like Summerlin, Anthem, Mountain's Edge, Aliante are continuing to experiencing multiple offers from buyers, even on short sale properties. Here is one good piece of news regarding short sale homes, they are getting faster and easier to do! The average short sale was taking about 120 days to close, and that number has shrunk to about 90 days. My team and I recently got a home owner a full release from the loan with Citibank in 7 weeks! Any time you are thinking of purchasing a short sale home, please make sure you do your due diligence with the listing agent. They can make or break a deal. Make sure you ask the listing agent if they have successfully closed short sales before. Every bank and every transaction is different, but knowing all the information up front can save you a lot of time and heart ache. Las Vegas Home Search is a free tool you can use to see available homes and this site is updated hourly, not like Realtor.com which tends to be very slow to update contingent properties. The market is full of great properties at amazing prices.

Happy House Hunting!

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV

1-866-589-1646

felipe@felipecrook.com