Southern Nevada’s housing market hasn’t found its bottom and could suffer further in coming months, a panel of real estate experts said Thursday.
Housing
WASHINGTON — The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data being released today.
Homeowners at two valley communities linked to a federal corruption probe ousted members of their homeowners association boards Wednesday.
Amid empty houses, officials promote new program.
A hefty federal grant will help fill vacated houses cropping up like desert weeds in Clark County, an area hit hard by foreclosures.
R&O Construction is pushing to finish the 123-unit Element Hotel in the master-planned Summerlin community for developer LaPour Partners in November.
With all of the news about financial meltdowns, distress sales and the government bailout package, it’s sometimes difficult to separate fact from fiction.
The housing outlook continues to be bleak for Las Vegas, with lagging new-home sales and falling prices, but existing-home sales topped 3,000 for the third straight month, Home Builders Research reported Thursday.
Concordia Homes of Nevada has closed its sales offices and will be refunding deposits on homes that have yet to start construction, an industry source said Wednesday.
A 14,000-square-foot home at 59 Promontory Ridge in the master-planned Summerlin community closed escrow Oct. 3 for $11.5 million, the highest residential transaction so far this year in Las Vegas.
Foreclosures have nearly tripled in Clark County through September, and the number coming down the pike is growing, a California-based online foreclosure source reported.
Single-family home sales in Las Vegas tripled in September from the same month a year ago and inventory remained stable, but median prices dropped 31.8 percent, the Greater Las Vegas Association of Realtors reported Wednesday.
The housing woes of America’s families extend beyond higher mortgage payments to include large increases in a wide variety of other housing expenses, according to a report published Wednesday by the Center for Housing Policy.
Some 11,000 Nevadans will keep their homes and avoid foreclosure under a tentative agreement between state officials and Bank of America Corp. announced Monday.
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