Las Vegas continued to post the nation’s highest metropolitan foreclosure rate during the first quarter. California-based RealtyTrac said one in 28 housing units received a foreclosure filing in the first quarter, nearly five times the national average.
The rate at which prices of Las Vegas area homes dropped eased dramatically in the first quarter of 2010 compared to a year earlier and reflects how the market has stabilized over the last year, analysts said.
Downtown Las Vegas and Southern Nevada as a whole will receive a boost economically from the Smith Center for the Performing Arts after it opens in 2012 and from the Cleveland Clinic Lou Ruvo Center for Brain Health, according to two executives with those organizations.
Despite the low level of homebuilding in the past two years, the Las Vegas Valley has an 18-month supply of finished residential lots, according to Colliers International executives.
With the local economy in a deep recession, local governments are dusting off and developing strategies to lure new businesses to Southern Nevada and are calling on the state to do more to help their efforts.
Las Vegas housing analysts contend the market has hit bottom, but observers of the commercial market say there are several more innings until their game is over.
The arrival of spring brought out more homebuyers in March with Las Vegas-area sales rising 33 percent over February, but local housing analysts and Realtors fear the expiration of a homebuyer tax credit at the end of April could slow sales in coming months.
The slowdown in consumer spending that has driven up retail vacancy rates and brought down rents may also be the remedy for that sector improving, according to a local research firm.
Southern Nevada’s office market is showing signs of recovery and has seen the end of the free-fall it experienced in 2008 and 2009, according to a first quarter report from Colliers International.
The number of foreclosure filings on Nevada homes rose nearly 34 percent in March compared to February, and the delinquency rate for homeowners is also on the rise, according to statistics released by research firms.
UNLV economists aren’t optimistic about a quick recovery of the Southern Nevada economy. The Center for Business and Economic Research released its Southern Nevada Index of Leading Economic Indicators, which has remained essentially flat.
The Great Recession has been tough on small businesses, especially retailers, but they can overcome the challenges and be successful, according to one of the nation’s leading small-business experts.
Vacant land in Southern Nevada took the biggest hit in the 2010-11 tax rolls and industrial space fared the worst among the commercial designations, according to the Clark County assessor’s office.
The 25 largest taxpayers in Clark County lost a combined $12.5 billion in appraised value on their properties in 2010, according to new tax rolls released by the Clark County assessor’s office.
While the recession continues in Southern Nevada and lenders are leery of loaning money for projects, news that Donald Trump has secured long-term financing for the Trump International has generated some optimism.
Nevada’s exports were down in January compared with a year ago, but economic development officials said the state has been more resilient than the rest of the country in shipping its goods abroad during the recession.
The retail vacancy rate in Las Vegas decreased for the second consecutive quarter in a sign that the retail market may be turning the corner, according to a report from CB Richard Ellis.
Instead of flipping homes and inflating values, new absentee buyers eat up excess inventory and fill properties with renters
Thursday, April 1, 2010
Investors are increasing their share of the Las Vegas Valley housing market, renewing the debate about whether that’s good or bad news. Absentee buyers — primarily investors and some second-home buyers from out of state — purchased 45 percent of homes sold in Las Vegas in February, up from 43 percent in January.
The Forum Shops maintained its spot as the nation’s top-selling mall by generating sales in 2009 of about $1,400 a square foot, Crampton says. But that number was down from $1,500 a square foot in 2008.
The recession has taken a toll on a lot of retailers, many having closed their doors. Restaurants in Southern Nevada haven’t been immune and are going out of business in greater numbers.
Findlay Automotive Group is shuttering its Saturn dealership March 31 and relocating its Lincoln Mercury dealership to the Valley Auto Mall site in Henderson the following day.
A commission with the authority to regulate collection fees that homeowners associations charge is mulling a cap to prevent collection companies from gouging homebuyers.
Construction spending in Nevada will drop more than 10 percent in 2010 compared with 2009, but increases in federal stimulus dollars will cushion the decline, according to a construction economist.
The office vacancy rate may be approaching 25 percent and rental rates are dropping in Las Vegas, but Rick Myers said the construction industry shouldn’t be discouraged about the prospect of building projects.
Nevada is not only at the top of the list in home foreclosures. The state also leads the nation in the percentage of delinquent loans for apartment complexes.
Foreclosures are taking a toll on some Las Vegas homeowner associations, some of which are closing pools and deferring maintenance as they deal with a drop in revenue.
Nevada has a chance to redefine itself during this recession and its future is bright once the national and global economies improve, according to the chief economist for Wells Fargo & Co.
Nevada is not only at the top of the list when it comes to home foreclosures — the state leads the nation in the percentage of delinquent loans for apartment complexes.
Filings down 30 percent statewide compared to the same month last year
Wednesday, March 10, 2010
Nationwide, the number of foreclosures filed in February rose 6 percent compared to February 2009, but Nevada bucked that trend with foreclosure filings down 30 percent, according to California-based RealtyTrac.
Southern Nevada home sales dipped for the second consecutive month as the supply continues to dwindle and foreclosures account for a lower percentage of sales, according to statistics released today by the Greater Las Vegas Association of Realtors.
David Drake knows he picked a heck of a time to launch a business. Drake started Aqua Management in September 2008 during the Wall Street meltdown and what has become the Great Recession.
Analysts say local economy won't improve at least through early summer
Friday, Feb. 26, 2010
The UNLV index that measures the Southern Nevada economy fell in February and analysts said that means the local economy won’t be improving at least through early this summer.