Southern Nevada Monthly Economic Update
« Previous EntriesForeclosure Maintenance
Wednesday, July 28th, 2010There have been many foreclosure properties that have greatly depreciated in value due to their condition. Often times foreclosure properties are not taken care of once the homeowner is evicted by the banks. One reason for this is because legally the banks do not foreclose on the property as soon as the homeowners are evicted. [...]
Market Prices Expected to Remain Flat
Friday, July 23rd, 2010The housing market in the United States and especially here in the Las Vegas and Henderson area has gone through its ups and its downs in the past couple of years. Housing analyst Dennis Smith predicts that much will remain the same for the rest of this year as we have seen in the past [...]
Local Real Estate Market Update
Friday, July 2nd, 2010Housing statistics, released by the Greater Las Vegas Association of Realtors, for the past month have indicated that local home prices have increased for the second straight month. The median single-family home price in Southern Nevada for May was $142,000, which matched April’s home statistics. This is a 1.4 percent increase over this time last [...]
High Rise Condos in the Rental Market
Monday, June 21st, 2010One of the hardest hit areas in real estate when the market crashed was the high rise condominium market. The crash left more than 5,000 empty high-rise condominiums available. The high rise condo market has been very slow to recover and has been looking for new ways to generate income. There are few buyers in [...]
Homebuyer Tax Credit Extension
Tuesday, June 15th, 2010The first time homebuyer tax credit has helped out the real estate market for the first two quarters of this year. The $8,000 incentive has pushed many first time homebuyers to make a move and achieve the American dream to own their first home. With home prices as low as they have been in years [...]
Cheaper to Buy rather than Rent in Las Vegas?
Tuesday, June 8th, 2010It is true, with where the market is currently at, it is cheaper to own a home than to rent in the Las Vegas and Henderson Valley. Las Vegas ranked number 10 among the 50 largest U.S. cities by population in terms of price-to-rent ratio. According to Trulia.com Las Vegas has a 10.92 price-to-rent ratio, [...]
Las Vegas Land Prices At Lowest Rate Since 2003
Wednesday, May 26th, 2010Banks have not hesitated in taking land away from owners who default on their payments here in Las Vegas, resulting in some of the lowest prices for land off the strip in the past seven years. In the first quarter of this year, 74.4 percent of land transactions resulted from bank foreclosures. Many investors can [...]
Real Estate Expert Expecting Recovery
Wednesday, May 19th, 2010At the grand opening preview of American West’s Reserve at Coronado Ranch, Las Vegas real estate authority Richard Lee stated that he believed that a turnaround is coming for the Las Vegas and Henderson real estate market. He explains that historically, the homebuilding industry has been an economic leader in pulling our nation out of [...]
Las Vegas Economy On the Rise?
Tuesday, April 6th, 2010According to recent statistics released by the Las Vegas Convention and Visitors Authority, visitation got off to a good start here in Las Vegas in 2010. The visitor volume in January of this year was 2.88 million people, that is a 4 percent increase over January 2009. There was also a 1.8 percent increase in [...]
Homebuilders Anticipate Economic Recovery In Las Vegas
Friday, April 2nd, 2010The Las Vegas homebuilding Industry has high hopes that 2009 was the bottom year and 2010 will be the beginning of recovery. Despite the $8,000 federal tax credit incentive to first-time homebuyers, the sales of new homes here in the Las Vegas and Henderson Valley fell an astounding 48 percent according the SalesTraq. The number [...]
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