Las Vegas is an extremely complex housing market with a two-tiered situation as far as residential appraisers are concerned, the president of Chicago-based Appraisal Institute said Tuesday.
Housing
Look for this year to mirror 2006 with zero percent appreciation and home prices skipping along the bottom, housing analyst Larry Murphy said Thursday at his quarterly Crystal Ball presentation.
A Las Vegas housing analyst says he doesn’t know of any possible scenario that would suggest things are going to improve drastically over the next year. There are too many negative factors and not enough positives, he says.
For the first time in 27 years, the International Builders Show won’t feature The New American Home, a showcase of the latest home-building concepts, materials and construction techniques that eventually find their way into production homes across the nation. … The home being built by Domanico Custom Homes of Las Vegas was on schedule for completion in time for the industry trade show that runs through Friday at the Las Vegas Convention Center. … Then it got caught up in the credit crisis that has hammered the home-building industry. The private lender that was financing the project ran into its own credit problems and had to withdraw funding. … That’s a pretty good indication of what lies ahead for homebuilders in 2010 and beyond.
Since July, foreclosure has claimed 38,277 Nevada homes, but less than 10 percent of the owners have taken advantage of the state’s innovative Foreclosure Mediation Program, according to the latest statistics provided by Bill Gang, public information officer for the Nevada Supreme Court.
The housing market in Las Vegas won’t fully recover until the first quarter of 2012, facing challenges this year similar to last year, high foreclosure rates and stagnant new-home sales, a housing analyst with The Concord Group said Friday.
A day after Southern Nevada lost out on a $367 million federal grant to help address the area’s foreclosure crisis, local officials got an explanation for the denial from the U.S. Department of Housing and Urban Development.
Nevada’s congressional delegation demanded answers Thursday after the Las Vegas Valley did not receive a penny of nearly $2 billion in federal stimulus money aimed at helping areas most affected by the nation’s housing crisis.
Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month, an executive with the bank said Wednesday.
MIAMI — A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages.
Mortgage brokers, the independent businesses that promise to help home buyers find the best mortgage loan, are becoming an endangered species, local industry leaders say.
The Las Vegas housing market ended 2009 with a trend of declining inventory and increasing sales, December statistics from the Greater Las Vegas Association of Realtors showed.
Beginning Feb. 1, seniors needing assistance to pay property tax or rent can apply for help through the Clark County assessor’s office.
CARSON CITY — Gov. Jim Gibbons on Monday extended a 4-year-old program that assists first-time home buyers in Nevada’s smaller communities.
A record-setting 6,000 property owners in Clark County challenged their assessed values in 2009, contending they were too high. The number of appeals could rise this year as property values continue to tumble.
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