Las Vegas is on pace for 40,000 existing-home sales and 5,000 new-home sales in 2009, but a second wave of foreclosures will continue to put downward pressure on pricing through the end of the year, housing analyst Larry Murphy said Thursday at his quarterly Crystal Ball seminar.
Housing
Mortgage modification and foreclosure consultants are showing little interest in complying with a new Nevada law that requires them to obtain licenses.
Nobody wants to take heat for declaring an end to the Las Vegas housing market downturn, but local analysts don’t see the market going much lower, especially in terms of prices.
PHOENIX — Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It’s already happened at least 15 times.
How low can it go?
A few years ago, when 3,000 to 4,000 new homes were being sold monthly in Las Vegas, people were trampling each other to snap them up, camping for days to be first in line for new releases at some 500 subdivisions around the valley and pushing prices beyond reality.
U.S. foreclosure filings, with Clark County at the top of the list, hit a record in the first half of 2009, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac Inc.
Fewer home sellers are reducing their prices in Las Vegas, Los Angeles and Detroit, a sign that some depressed housing markets are beginning to see stabilization in pricing, an online real estate search site reported.
RENO — The Nevada attorney general’s office says loan modification scams are topping all cases of housing fraud in Nevada.
Maybe it’s the moratorium, maybe it’s the government bailout. Perhaps President Barack Obama’s loan modification program is starting to take hold.
Realtors lobbyist Jerry Giovaniello thinks he has better than a 50-50 chance of getting Congress to extend the $8,000 tax credit for first-time homebuyers past its Dec. 1 deadline.
Sales of single-family homes, condos and townhomes reached a record 4,702 in June, topping the previous record of 4,414 set in June 2004, the Greater Las Vegas Association of Realtors reported Wednesday.
As the foreclosure crisis drags on, four local governments are banding together to pursue $367 million in federal money to rid neighborhoods of empty houses.
On its Web site, Your Credit Angel LLC promises to help financially struggling consumers get home loan modifications.
Housing and Urban Development Secretary Shaun Donovan stood at a street-side podium between two houses on Pine Valley Drive in Las Vegas.
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