Delays in the foreclosure process are leaving thousands of Nevada homes vulnerable to vandalism and deterioration, an executive for RealtyTrac said Thursday.
Housing
WASHINGTON — Fewer Americans signed contracts to buy homes in February, but the level stayed close to a nearly three-year high. The report suggests sales of previously occupied homes will keep rising in the coming months.
WASHINGTON — U.S. home prices, including those in Las Vegas, rose in January at the fastest pace since the summer of 2006, just before the housing bubble burst. The gain shows the housing recovery is strengthening ahead of the spring buying season.
The government has thrown hundreds of millions of dollars at fixing Nevada’s beleaguered housing market, though very little of the money has trickled into the hands of people who need it most. Nevada remains one of the states with the highest rate of foreclosure filings, homes with negative equity and people living in their homes without making mortgage payments.
Homebuilders in Las Vegas recorded 510 new-home sales in February, about the same as in January, with a median price of $234,467, Home Builders Research reported Thursday.
Nevada had the highest percentage of mortgaged properties with negative equity in the fourth quarter at 52.4 percent and an average loan-to-value ratio of 103.7 percent, analytic firm CoreLogic reported Tuesday.
Savvy investors in Las Vegas are buying up small homeowner’s association liens at auction and making money by renting out homes they don’t actually own until the mortgage-holder comes knocking, in some cases as long as two years later.
Las Vegas is attracting national interest from investors looking for quality real estate assets that are already producing income, Gatski Commercial broker Chris Beets said.
Nevada’s foreclosure starts jumped 334 percent in February from the same month a year ago, leading the nation in year-over-year percentage gains, online foreclosure listing service RealtyTrac reported late Wednesday.
Las Vegas homebuilder Larry Canarelli has completed the sale of his ownership of Denver-based Oakwood Homes for $100 million, he said Wednesday.
Competition among Las Vegas homebuilders to acquire residential land is stronger than it’s been for a long time, driving bid prices into risky territory, a land expert said Monday.
Existing home sales in Las Vegas continued to decline with 2,640 escrow closings in February, a 13.5 percent drop from the same month a year ago, the Greater Las Vegas Association of Realtors reported Thursday.
Las Vegas had a 20.7 percent year-over-year gain in home asking prices in February, and inventory is no longer in a free fall, online listing firm Trulia.com reported.
Grading has begun for the first phase of what eventually will be a 2,200-acre master-planned community called Cadence in Henderson, the developer’s chief executive officer said Friday.
Existing-home sales edged up in January, while a seller’s market is developing and home prices continue to rise steadily above year-ago levels, the National Association of Realtors reported Thursday.
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