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Releasing Foreclosures
By Stephen Roberts | September 11, 2009
It appears that lenders, who have been holding off as many as 20,000 homes from the foreclosure market, are slowly releasing them onto the Multiple Listing Service (MLS). Lenders are doing this because they are concerned that releasing too many homes at once will push down the market price even further, earning less of a return from their properties.
In both June and July the median sales price of existing single-family homes was $125,000. These numbers are down 41% since July 2008. It appears as though the market may be looking up because the number of foreclosed properties has fallen over the past four months from about 12,000 to now around 8,000. In addition, the short sales market is also increasing with about 12,000 homes listed.
Many builders have found ways to stay busy by finishing projects that were never completed, such as lots and unfinished houses. Some builders are hoping to buy lots at a cheap price to try and build and still be able to compete with the resale market. It is projected that by the end of 2009 most finished lots can be sold at prices that will allow builders to complete houses and sell for under $200,000. There may be a new influx of new homes onto the market in the near future.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »