The Las Vegas housing market remains vulnerable because of the weakness in the economy, but it has shown signs that it’s starting to stabilize, according to U.S. Department of Housing and Urban Development Secretary Shaun Donovan.
Vying for No. 1 spot indicative of agencies’ competition for sales
Friday, Sept. 10, 2010
Residential and commercial real estate brokerages are hanging tough and vying for every piece of business as they struggle with the Southern Nevada recession.
Although many developers have opted to remain on the sidelines, a Minnesota-based health club company is sounding an optimistic note about the Las Vegas economy.
The expiration of a federal tax credit for homebuyers continues to dampen sales in Southern Nevada. GLVAR President Rick Shelton called the expiration of the tax credit a “major contributor’’ to the decline.
Las Vegas needs to get over its hangover and face its economic woes before casting blame and seeking any federal solution, said a member of a commission studying the nation’s financial meltdown.
Las Vegas will take center stage today when a federal commission hears testimony about the impact of the nation’s financial crisis on the Southern Nevada economy and real estate market.
Collection-agency fees on top of delinquent dues prompted litigation
Tuesday, Sept. 7, 2010
The crippled Las Vegas housing market has triggered a legal battle pitting investors buying foreclosed homes against homeowners associations, with millions of dollars at stake. The two groups are more likely viewed by the public with equal disdain.
Walking away from a mortgage you can afford won’t be the end of the story
Friday, Sept. 3, 2010
The news is bad enough that three homeowners out of four in the Las Vegas Valley owe more on their houses than they’re worth. And there’s no comfort in the prediction that the local real estate market won’t recover for years.
A UNLV economic index projects little employment growth in Southern Nevada over the next four to six months. The August index released today by the Center for Business and Economic Research showed a .04 percent increase over July but 0.54 percent decline from August 2009.
Even as many retailers and food establishments are struggling to outlast the recession, franchises are entering the market or expanding their footholds. Some are taking advantage of the sharp decline in rent, the availability of storefronts at high-traffic shopping centers and declining competition. Newcomers to the Southern Nevada market include furniture stores, hobby craft stores, sandwich shops, yogurt shops and restaurants.
The delinquency rate for mortgage loans in Nevada fell in the second quarter and the percentage of loans in which foreclosures were started declined as well, according to a report released today by the Mortgage Bankers Association.
Extended-stay industry hitting low in valley, but rebound may be near
Wednesday, Aug. 25, 2010
The downturn in the construction industry and high unemployment that deter people from moving to Las Vegas have taken a toll on the extended-stay motel business. Occupancy has fallen sharply since the recession began, and room rates have been lowered to lure visitors.
Sales in the Las Vegas new-home market tumbled in July in a sign the expiration of a federal tax credit could hamper the industry the rest of the year. SalesTraq reported this morning that the 408 closings of new homes in July represents a 58 percent decline from June, when 983 closings were reported.
A lawsuit filed by investors claiming homeowners associations are bilking them out of thousands of dollars in collection fees when they buy foreclosed homes is headed to mediation.
It may not represent a major step toward diversifying Nevada’s economy, but the World Market Center, the permanent furniture trade show complex in downtown Las Vegas at the Spaghetti Bowl, is tweaking its strategy. The World Market Center is setting aside 100,000 square feet of sales floor to display home accents and gifts, niche industries that drive convention business in other cities.
The Lied Institute for Real Estate Studies has selected education and how it relates to the Southern Nevada economy as its topic for its 2010 round-table discussion.
With its membership falling more than 30 percent in the past two years, the Henderson Chamber of Commerce is hiring its first sales manager to change things around.
Nevada kept its No. 1 national ranking for foreclosure filings for the 43rd consecutive month, but the state and Las Vegas are faring better than a year ago, according to report released late Wednesday.
The expiration of the federal tax credit to purchase a home has put a damper on the Southern Nevada housing market. The Greater Las Vegas Association of Realtors reported closings of homes in July fell 12 percent from June and were down 21 percent from July 2009.
Banks started to unload some of their vacant land holdings in the second quarter and the sales volume reached its highest level in more than three years.
The July index that forecasts the Southern Nevada economy and job growth through Nov. 1 shows no promise of a quick recovery. The Southern Nevada Index of Leading Economic Indicators recorded a 0.57 percent decline from the June index and 0.57 decline from the July 2009 index.
The $787 billion federal stimulus is winding down and although the state and local governments received money to supplement tight budgets and improve infrastructure, Southern Nevada contractors and other companies said it didn’t have the benefit they desired.
Prices won't rise until fourth quarter of 2012, says Fiserv report
Thursday, July 29, 2010
Las Vegas existing home prices will decline 14 percent by early 2011 and another 4 percent by early 2012, according to a report released today by a Wisconsin research firm.
Las Vegas retained its No. 1 national ranking when it comes to foreclosure filings during the first six months of 2010, but the city has shown some improvement compared to the rest of the nation.
Stallion Mountain Golf Club to be auctioned Aug. 16
Tuesday, July 27, 2010
A Las Vegas golf course taken over last summer by the Federal Deposit Insurance Corp. when it seized Community Bank of Nevada will be auctioned off to the highest bidder.
Local governments are getting tough with those who should be maintaining the many empty houses
Monday, July 26, 2010
Across the valley, local governments are using fines and other tactics to pressure owners and lenders to more quickly repair and sell abandoned houses before they become eyesores.
It’s the type of announcement that makes you do a double take. A retailer with 4,934 square feet of space at Fashion Show mall planned to increase its footprint.
Responsibility for maintaining property entering code books
Friday, July 23, 2010
Local governments in Southern Nevada are cracking down on owners of vacant homes and are encouraging banks to foreclose on homes more quickly before they fall into disrepair.
Apartment rents continued to slide during the second quarter in the Las Vegas Valley to their lowest level in six years, but the occupancy rate at complexes has leveled off, analysts said. The average monthly rent requested by landlords during the second quarter was $765, down from $777 in the first quarter.
The Southern Nevada office market regressed in the second quarter in a sign that the region’s recession is far from over, according to Colliers International Las Vegas.
Weakness in the Southern Nevada construction industry is pushing the vacancy rate for industrial space to record-high levels, and that sector’s recovery remains several years away, according to analysts.
The retail market recovery in Southern Nevada is more than nine months to a year away, and landlords will have a tough time finding tenants even though rents are declining, according to the second-quarter report from Colliers International Las Vegas.
Nevada has seen a decline in foreclosures compared to last year, but the state kept its No. 1 national ranking in the first half of 2010. Foreclosure filings fell 13 percent from the second half of 2009 and 6 percent from the first half of 2009.
Hundreds of Las Vegas residents may be getting some relief on their mortgage payments this week. Wells Fargo is hosting a workshop to help its customers through their financial hardships and avoid home foreclosures.