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HOUSING: LV homes called undervalued |
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National study puts city near bottom, at 18.8 percent below market value
By JENNIFER ROBISON
LAS VEGAS REVIEW-JOURNAL
* Housing in Southern Nevada
A new report points to substantial undervaluation in local housing prices, though an economist who co-authored the study suggested the market's worst price declines have passed.
House Prices in America, a report from Massachusetts forecasting company IHS Global Insight and Ohio bank holder National City Corp., shows that homes in Las Vegas fell 18.8 percent below what market fundamentals would justify in the third quarter.
The newest numbers reveal a sustained slide in Las Vegas home values. Six months ago, home prices here were 3.1 percent below the values historic fundamentals warrant. That wasn't even enough of a shortfall to qualify as undervalued.
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Lack Of Mortgage Money A Myth |
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Lack Of Mortgage Money A Myth
By Morris Workman 11-18-2008
With the implosion of the real estate market, everyone knows better than to bother with trying to get a loan.
After all, with the numerous bank collapses and the well documented “mortgage crisis,” only a well-heeled fool would attempt to seek a loan for the purchase of a house in Mesquite, right? Wrong.
The truth is that there’s more than enough cash available for mortgages, according to those who are sitting on the piles. “There is plenty of money out there,” confirmed Judy Depew, a mortgage broker for AmericaOne Finance in Mesquite. “It’s not less money, but less options available.”
Depew explained that traditional 30-year fixed mortgages are plentiful.
It’s the creative financing, or “funny money” that has dried up. “Sub-prime mortgage lending is gone,” Depew said. “Stated income is gone.” |
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Cash is King in Las Vegas Real Estate |
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Over the last 5 years I have sold a lot of real estate in many different markets nationwide. In 2003 droves of investors came into the Las Vegas market and purchased single family homes and condos. In 2004 the scene repeated itself in the Phoenix market. In 2005 markets like Albuquerque and Austin had a large amount of investors snatch up new construction homes. In 2006 the Carolinas became hot and east coast investors invested very heavily in many markets in Florida. |
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The ‘F’ Word |
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By: Rodel Rodis, Nov 18, 2008
What do the cities of Vallejo, Daly City, Stockton and Las Vegas have in common?
Aside from each being home to a Jollibee Filipino fast-food restaurant, all have large Filipino populations and the highest foreclosure rates in the United States.
The dirtiest word in the Filipino community now, the new “F” word, is foreclosure. While it affects all races and all communities throughout the United States, it is disproportionately crushing Filipino homeowners.
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Home prices show signs of stability in October |
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By Brian Wargo Tue, Nov 18, 2008 (1:42 p.m.) Price depreciation of existing homes sold in October slowed to its lowest level since April as sales remained strong despite the lingering credit crunch. The 3,476 sales of existing homes in October marked the largest amount since June 2006, when there were 4,302 sales. It was more than double the 1,676 sales in October 2007, according to statistics released by Las Vegas-based SalesTraq. Home prices remained stable, falling $2,800 to $184,000. Prices have been much steeper in recent months. Since February 2007, prices have tumbled $104,000. |
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Las Vegas land prices drop as housing market struggles |
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/In Business (LV) | The housing market correction continues, but the land market correction is kicking into high gear. This marks the third consecutive quarter that land prices have fallen since the peak of $939,400 an acre in 2007's fourth quarter, according to Applied Analysis Principal Brian Gordon. |
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