A housing analyst said today he expects sales of homes in 2011 to match their 2010 levels, but some builders may leave the market if new home sales don’t improve.
Nevada bank repossessions increased 16 percent between December and January, helping the state maintain the nation’s highest foreclosure rate for the 49th consecutive month, according to a California research firm.
The Nevada Association of Realtors reported last week results of a survey that said nearly one quarter of people losing their homes to foreclosure walked away even though they could afford their mortgages.
Apartment rents in Las Vegas have stabilized along with the occupancy rate, but prices will continue to decline as long as the economy remains sluggish, according to a report released today by a research firm.
Despite the continuation of the recession in Las Vegas, the confidence level by the valley’s business leaders has reached is highest point in three years, according to UNLV economists.
Las Vegas home prices will fall nearly 13 percent by September and another 6.5 percent a year later in 2012, a research firm estimated today. Fiserv said a large supply of foreclosed properties will continue to contribute to price declines.
Larry Murphy and other housing analysts have gotten plenty of criticism for their forecasts. Their predictions were wrong about the Las Vegas housing market and how far sales and prices would fall, and they admit that.
Nearly one in four people in Nevada who lost their homes to foreclosure have admitting to walking away even though they could afford their monthly payments, according to a study released today by the Nevada Association of Realtors.
Building Jobs Coalition says plan would restore work lost during recession
Thursday, Jan. 20, 2011
The Nevada construction industry is urging state lawmakers to increase tax revenue and stop raiding existing funds to better finance infrastructure projects and create 100,000 jobs.
A Las Vegas housing analyst said today the new home industry should expect a tepid recovery over the next five years and predicted existing home prices won’t improve for about five to six years.
The sale of new single-family homes in Las Vegas in 2010 fell by 4.2 percent from a year earlier to its lowest point since the mid-1980s and existing home sales fell for the first time in three years, according to Home Builders Research.
More than 9 percent of Nevada’s households had a foreclosure filing in 2010 as the state held its nation-leading ranking for the fourth consecutive year, despite a drop from 2009, according to statistics released Thursday.
Sales of Southern Nevada homes picked up in December but prices fell slightly, according to statistics released today by the Greater Las Vegas Association of Realtors.
A group of housing experts on Tuesday urged the Nevada Legislature to enact legislation that encourages more short sales and provides more financial protection for homeowners who can’t afford to keep their homes.
Nevada’s higher education levels are holding the region back from diversifying its economy and the city has become a modern-day version of Pittsburgh or Detroit, the director of a UNLV-based think tank said today.
A California-based research firm projects Las Vegas home values will slide more than 6 percent in 2011. The report from Clear Capital ranks Las Vegas No. 38 in the nation in home price appreciation, with a projected decline of 6.4 percent.
The commercial real estate vacancy rate in Las Vegas held steady during the fourth quarter — a sign analysts said signals the worst of the downturn may be over for the retail, office and industrial market.
The EHB Companies, the developer of One Queensridge Place and Tivoli Village, has bought the 60-acre parcel formerly known as the Great Mall of Las Vegas.
With Las Vegas’ economy among the worst in the world and studies urging more be done to help future growth, the state’s political leaders are holding a conference before the Nevada Legislature convenes to discuss diversifying the economy.
Las Vegas has been stricken by an unfathomable number of home foreclosures. Most of the surviving homeowners owe more on their homes than they’re worth in today’s marketplace.
Follow the jobs. That’s the best way to predict the commercial real estate market in Las Vegas, which analysts say will show gradual signs of recovery in 2011.
Las Vegas’ housing market deteriorated more in November with no signs of improving in the near future, analysts said. November existing- and new-home sales fell 23 percent from November 2009 and dipped more than expected (7 percent) from October’s sales, according to a report.
The recession and real estate downturn have taken a toll on golf courses, but the Las Vegas Valley had its first sale since 2007 and more is on the way, according to a local broker.
Foreclosure filings in Las Vegas and the rest of Nevada dropped significantly in November but continue to outpace the same month last year by more than 20 percent.
The bad news is that the opening of a 23-acre mixed-use development near Summerlin is about 1 1/2 years behind schedule. But here’s a recession story with good news: The development is moving toward an opening next year in a part of town that some analysts say suffers for too few shops and restaurants.
Tivoli Village at Queensbridge, the 23-acre mixed-use complex, is expected to be a focal point of the Summerlin area, where analysts say there aren’t enough shops and restaurants to serve the upscale development.
The people who champion low state taxes as a way to recruit businesses to Nevada are undermining the state’s future by not advocating what businesses really need for success: better schools.
The slide in home prices and sales in Southern Nevada that raised concerns a month ago about the future of the housing market has halted for now. The Greater Las Vegas Association of Realtors reported this morning that November sales of single-family homes rose 6.8 percent over October and that home prices rose 1.4 percent.
A state commission decided Tuesday that homeowners associations will be limited in what their collection companies can charge for late assessments and other fees.
A District Court judge today issued a temporary restraining order to prevent a state agency from enforcing an order limiting how much homeowners associations can collect on delinquent foreclosures.
It doesn’t take much these days to stir up political passions on the right and left by mentioning two symbols: President Barack Obama and Fox News Channel.
Three homeowners association collection companies are seeking a temporary restraining order to stop a state agency from, in essence, limiting how much they can collect in delinquent fees on foreclosures.
The percentage of Nevada foreclosure homes sold in the third quarter dipped, but the state still leads the nation in those transactions, according to a report released by California-based RealtyTrac.
During the years when the global economy and real estate markets were overheating, Las Vegas surged as one of the hottest economies among the world’s largest metropolitan cities, on the strength of the construction and gaming industries.