“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Henderson, NV

Las Vegas Market Trends: Listings for HUD Homes & Trustee Flips Appear to be on the Rise!

Renee Burrows - Las Vegas NV Valley -  Homes For Sale - Real Estate Market News: Real Estate Agent in Las Vegas, NV
HUD Home Listings
Seem to be on the Rise

HUD Home listings appear to be trending a rise. I think this is due to the lack of FHA lending between 2002-2006. FHA started to gain some steam when the conventional 100% stated income loan started it's demise in 2007. In the last several years we have cycled through refi's and purchases between 2002-2005. The defaults we are seeing now are newer defaults - ones that were bought or refinanced in 2007 or 2008.

Trustee Sale Flips

Infiltrating the Market

Trustee sale flips are slowly gaining their ground and have been for months. I expect to see a larger percentage of these types of investor resales as the FHA anti-flipping ban has been relaxed for a year. Banks seem to be eager to want these things off their books for good and allow all cash investors the opportunity to take over the risk of rekey, evictions, listing and possible declining markets.

The Resale Market
Remains Stable

Pricing within the Las Vegas Area resale market remains stable and has been fairly stable since May 2009. Prices are not going up nor are they declining - overall in the Valley. Much inventory is coming online and the buyers are continuing to absorb that inventory with buyer interest still at very high levels. I am seeing pockets of increased inventory in newer subdivisions which provides excellent opportunity for financed buyers that are not yet able to secure a contract. This may cause declines in certain subdivisions.

I don't believe we will
see quick appreciation
in the near future!

The reason why I don't believe this is because of HVCC (newer appraisal guidelines)+lender overlays. We are also seeing some changes in one of our most popular current lending products (FHA) - mostly due to risk and loss of funding from foreclosures as I mentioned in my first paragraph of this post.

We are not seeing a decline in new REO inventory and I don't believe we will any time soon. We are also seeing high buyer interest swoop that inventory up. Any changes in inventory or buyer activity could swing our market back into a stable or declining market quickly as REO doesn't have problem slashing prices to dump inventory.

We are currently a very strong seller's market and have been since late spring - without appreciating prices.

How do I know this?

Not only do I spend a little time by pulling statistics to add monthly market reports to my blog but I actively work with buyers and sellers in my market.

I also perform 100+ BPOs a month. BPOs are "Broker Price Opinions" which basically help the banks & investors for pricing on their "assets" (homes.) I think this is the perfect way to gain market insight.

I currently carry five real estate designations/certifications (ABR, AHWD, RSPS, SRES & SRS) and I am seeking 4 more by the end of 2010. You may view definitions for those designations right here on my profile!

With the spring buying and selling season upon us, it is essential to start interviewing your potential Realtor to see if they have the current market insight and knowledge necessary to bring to your transaction.

Phantom Inventory Will Begin Trickling Into Las Vegas Housing Market

Yonas Woldu Greater Las Vegas Real Estate: Real Estate Agent in Las Vegas, NV

shadow,homeThe real estate market in Las Vegas is gearing up for some additional inventory. Bank of America recently announced that it expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, averaging around 500 a month.

This is part of the so-called "phantom inventory" of foreclosed homes being held by banks that we all know are out there, but have not yet hit the market. They are being added in as the banks work out loan modifications and negotiate short sales, two of the most desirable alternatives to foreclosure.

Because the banks were working to meet the requirements of the Making Home Affordable mortgage plan program and state legislation requiring mediation, the system became "clogged" by a voluntary moratorium on foreclosures. Some homes are also being held back from closing escrow because of Bank of America's fiduciary relationship with investors.

There is a phenomenon happening right now that is leaving some with concerns of a "double-dip recession," although data shows an economic recovery. The problem is that people are getting frustrated in their efforts to buy a home because cash buyers are underbidding those with loans, who are often offering full price. Sellers (often banks with foreclosed properties) are not willing to risk losing a sure deal if a buyer with financing doesn't come through. But, when sellers are willing to take the highest and best offer, people will bid too high and the home ends up returning to the market.

Right now, Bank of America is getting 40,000 new offers a month on short sales, or homes for sale at a price that is less than the mortgage balance. This is a complicated process because the bank doesn't have the title to the home in a short sale. On average, it is taking between four and six months to complete short sales, but they are anticipating decreasing that to 90 days this year.

With a low inventory in the market right now, adding these foreclosed properties will hopefully make buying a home a bit easier for those in the market. Are you thinking of buying a home in Las Vegas or Henderson? If so, give Yonas Woldu a call. I'm your real estate expert in the Las Vegas Valley! Also visit my Vegas Real Property website and the new AskYonas website.

Henderson Homes for Sale: Listings by Price Range

John Novak - Las Vegas and Henderson NV Real Estate: Real Estate Agent in Las Vegas, NV

Henderson Homes for Sale: Listings by Price Range

Here's a quick snapshot of the single-family homes for sale in Henderson Nevada. Short sales make up 38.7% of the market, while bank owned properties (REOs) account for 14.1%.

Henderson Nevada homes for sale


To find out more about buying or selling real estate in Henderson Nevada, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 601-606.)

Las Vegas housing market entertaining a rebound

Esko Kiuru - Las Vegas NV Mortgage Consultant: Loan Officer in Las Vegas, NV

Las Vegas housing market entertaining a reboundIn small steps real estate talk in Southern Nevada - with communities like Summerlin, Mountains Edge, Charleston Heights, Spanish Trail, Henderson and Anthem - is turning to recovery looming on the horizon. 2009 statistics showed that it does have a pulse as investors descended in droves on the scene to gobble up property for rentals in the lower half of the market. First-time home buyers were also active, enjoying low mortgage rates, nice tax benefits and attractive prices.

Prominent Las Vegas housing industry analyst, Home Builders Research, is cautiously optimistic about the market's direction this year. Resale home prices are to increase 3.3%, or $4,000 in 2010, go to $127,000, it says. Moreover, existing home sales should reach 45,000 units, which is about the same as what happened in 2009. These estimates mirror that that the bottom has been reached in the long and unkind real estate slide and there is a moderate upturn in the works. If mortgage money remains as affordable as it now is - even though underwriting guidelines seem to be tightening - this scenario has a chance.

That's one side of the coin, however. The other side looks a bit different.

The International Builders' Show that recently concluded its annual run here in Las Vegas featured several speakers who of course took turns speaking about the state of the tattered housing market. Some of them were bearish on Southern Nevada. Mortgage foreclosures will keep rising in 2010 due to the weak economy and prices will take a cue from that and slide down, not by much as there barely is any room to go lower. Job growth here remains gloomy at least through this year and possibly goes into next as well, putting a painful dent on demand.

Who is right on Las Vegas real estate market's near future? Everybody and nobody. Both camps base their projections on available data, but how all that is interpreted can vary. What likely will happen is something between these two views. That is, the bottom is here, or near, and the market will bounce along there for a while, trying to find smoother stretches of road that would then give better traction. Any lasting recovery, though, will be slow.

Henderson Home Sales: Financing by Price Range

John Novak - Las Vegas and Henderson NV Real Estate: Real Estate Agent in Las Vegas, NV

Henderson Home Sales: Financing by Price Range

Out of 417 single-family homes sold in Henderson Nevada in December, 123 (29.5%) were cash sales. Cash was even more prevalent at prices below $100,000 highlighting the intense competition that first-time homebuyers face from investors.

Financing choices for Henderson Nevada home sales


To find out more about buying or selling real estate in Henderson Nevada, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com