With the pep talk from real estate agents contradicted by doom-and-gloom reports on the housing industry, nobody seems to really know if or when the market will begin to recover.
Housing
That screeching sound heard throughout Las Vegas Valley is the brakes being applied not only to large-scale Strip projects, but to many of the residential and mixed-use projects planned for the outskirts of town and outlying rural areas.
Sales of existing homes in the West edged higher overall in July, as many buyers took advantage of falling prices in foreclosure-ravaged areas in California, Nevada and elsewhere, according to two reports Monday.
Home sales are making a comeback in Las Vegas and inventory has been reduced to about an eight-month supply, but prices continue their free fall from a year ago, a strong signal that the housing market has yet to enter recovery.
WASHINGTON — The number of homeowners stung by the dramatic decline in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with the same month a year ago, according to data being released today.
With walls made of insulated concrete forms and a gas-powered air conditioning system, the New American Home being built by Las Vegas-based Blue Heron sets an example for other home builders around the globe, project manager Kris Oesterling said.
Home sales in Las Vegas increased for the seventh straight month to 2,592 in July, the most since September 2005, and inventory remained stable at 23,423 units, the Greater Las Vegas Association of Realtors reported Thursday.
We tried to find some new real estate investors to interview for this article.
Average apartment rent has remained relatively flat in Las Vegas with occupancy down slightly from a year ago, Las Vegas-based Applied Analysis research firm reported.
Foreclosures have doubled in Las Vegas from a year ago and the next wave of adjustable-rate mortgage resets could deepen the misery for an already severely depressed housing market, experts in the housing industry said.
Ah, 2009.
The year of the city’s rebirth, when tens upon thousands of new residents march toward Las Vegas to fill new resort jobs, thereby lifting the housing market out of its doldrums.
The new housing recovery law gives a glint of hope to homeowners facing foreclosure, but local business leaders doubt it will help many Southern Nevadans.
WASHINGTON — Sales of new homes fell in June for the seventh time in the past eight months, but the decline was less than had been expected, raising faint hopes that the nation’s severe housing recession could be approaching a bottom.
NEW YORK — Nevada was near the top as the number of households facing foreclosure more than doubled in the second quarter compared with a year ago, according to data released Friday.
WASHINGTON — The House Wednesday easily approved legislation that seeks to slow the steepest slide in house prices in a generation, rescue hundreds of thousands of homeowners at risk of foreclosure and reassure global markets that mortgage-finance giants Fannie Mae and Freddie Mac will not be allowed to fail.
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