Housing
Foreclosures in Nevada were already on a downward trend when the state’s robo-signing law took effect in October, and the decrease in bank repossessions has grown steeper each month, RealtyTrac Inc. said Thursday.
As demand for new homes increases in Las Vegas, home- builders are scrambling to find finished residential lots suitable for development.
You are a loser, and so am I. Everyone lost something when the Southern Nevada housing market caved in five years ago. Mostly what we lost was money – almost $113 billion of it, according to a rough estimate by a top real estate expert at UNLV.
Tight supply is driving more homebuyers to the new-home market, even though the gap between new- and existing-home prices remains far above what it was during normal years. Dennis Smith, the Home Builders Research president, reported 462 new-home sales during July, bringing the total for the year to 2,717 sales, a 26 percent increase from a year ago.
Developers of Coyote Springs today will flip the switch to bring electric power to the 43,000-acre master-planned community 50 miles northeast of Las Vegas. The electricity will run the water and sewer treatment plants, part of $300 million in infrastructure already in place that includes the 4-year-old Coyote Springs Golf Course.
The state Tax Commission on Monday turned down Treasurer Kate Marshall’s request that Nevada begin collecting real property transfer taxes on mortgages guaranteed by the federal Fannie Mae and Freddie Mac companies.
