Archive for lv market reports
70% of Nevada Mortgaged Properties Have Negative Equity Position
Posted by: | CommentsNevada leads the nation with the highest percentage of negative equity properties according to the First American Core Logic 4th Quarter 2009 Negative Equity Data Report released 2-23-10. More than 70% of mortgaged properties in Nevada are in a negative or near-negative equity position.
Negative Equity (“underwater or upside down”) refers to the fact that the borrower owes more on their mortgage than the current value of the property. Negative equity occurs due to a decline in value, an increase in mortgage debt or a combination of both.
The following chart shows the five hardest hit states (Nevada, Arizona, Florida, California, and Michigan). The average “underwater” mortgage in Nevada is over 50% negative equity.
Here’s an excerpt from the report:
Negative equity continues to be concentrated in five states: Nevada, which had the highest percentage negative equity with 70 percent of all of its mortgaged properties underwater, followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (35 percent). Among the top five states, the average negative
equity share was 42 percent, compared to 15 percent for the remaining 45 states. In numerical terms, California (2.4 million) and Florida (2.2 million) had the largest number of negative equity mortgages accounting for 4.6 million, or 41 percent, of all negative equity loans.The rise in negative equity is closely tied to increases in pre-foreclosure activity and is a major factor in changing homeowners’ default behavior. Once negative equity exceeds 25 percent, or the mortgage balance is $70,000 higher than the current property values, owners begin to default with the same propensity as investors.
Of the over 47 million homeowners with a mortgage, the average loan to value ratio (LTV) is 70 percent. More than 23 million, or 49 percent of all homeowners with a mortgage, have at least 25 percent equity in their home and over 12 million have at least 50 percent equity in their home.
Here is a real-world example illustrates the severity in Las Vegas, Clark County. Borrower / homeowner owes a total of $325,000 on a first and second lien and property is currently valued at $160,000.
If you are a Las Vegas area homeowner facing a potential short sale of foreclosure,
contact Kathryn Bovard today for a no obligation consultation to discuss your options.
702-348-7191
The Las Vegas Real Estate Market Condition Report for January 2010, courtesy of Nevada Title Company with chart breakdowns of short sale and REO (Bank-owned) closings is presented here for your review.
The trend continues to show an increase in successful short sale closings. In January 2010, short sales accounted for 22% of all closings (539 of 2,450 single family residential closings were short sales).
Overall, the supply count remained steady while demand backed off 10% from the previous month. Although supply is relatively tight, especially for REO (58% of demand/17% of supply), prices continue to show weakness for both Short Sale and Standard offerings (42% of demand/83% of supply). While median price remains soft and continues to decline, average price has stabilized and is increasing marginally. In the preceding 60 days, 32 properties closed at greater than $800K.
This implies the sale of higher priced properties is occurring with increasing frequency.
Declines in demand may be associated with the holiday cycle, however, uncertainty about the demand schedule is warranted by the simultaneous end of favorable government programs, low consumer confidence, persistent decline in REO inventories, and entry into the spring cycle.
January 2010’s total is a 17.3% increase over January 2009, and a remarkable 165% increase over January 2008’s total SFR units of 983.
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?
The Serra Group is here for your confidential, no obligation consultation
regarding your options – there are solutions! Call Kathryn at 702-348-7191.
Las Vegas Home Sales Up 64% in 2009 – 2nd Highest Year Ever
Posted by: | CommentsAre we starting to see signs of recovery in the local Las Vegas housing market?
The Greater Las Vegas Association of Realtors (GLVAR) released its local housing statistics for December 2009 with some interesting findings for the year. To read the full report, download this PDF file: GLVAR_December2009_Housing Report (released 1-8-10)
According to GLVAR, sales of existing homes in Las Vegas were up 64% in 2009. GLVAR reported 46,879 local housing sales in 2009. That represents a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. The increasing sales continue to be driven by low prices. GLVAR reports that the average single family home sold in the area in December 2008 was $204,000 in December 2008. By December of 2009, that number had fallen to $165,000.
December, 2009 saw a 9% increase in sales compared to November. 4,196 housing units sold in December alone compared to 3,843 sales in November.
One statistic that particularly stands out the in the report is that 67 percent of all current pending sales in Las Vegas are short sales – 8,935 out of 13,406.
Other recent press on the Las Vegas Real Estate Market:
Las Vegas Real Estate Posts 2009 Positives Despite Recession (1-11-10/ DSNews.com)
Las Vegas Home Sales Improve in 2009 (1-8-10 /LasVegasNow.com)
December 2009 Las Vegas Market & Short Sale Report
Posted by: | CommentsThis Market Condition Report is courtesy of Nevada Title Company:
Overall Months Supply is 2.8 and rising at a very slow rate. The market continues “tight” overall with most of the supply/demand constriction centered in REO with 59% of demand and only 20% of supply. The percentage of the market taken by REO is declining at an average rate of about 1.8% per month. Overall, supply remains unchanged while demand declined slightly.
Prices, which were holding steady, have resumed their decline. Expect closings to remain rather steady in the current range. As far as overall prices are concerned, continued weakness is the most likely outcome. In all categories (REO, Short and Standard), current pending price is less than current closing price signaling impending price declines in the near term. The reader should take note that current Months Supply is tight, thus it is reasonable to expect rising prices. The current negative trend in price, which is running counter to supply/demand, is likely due to conservative standards applied by appraisers versus current market realities.
As a note, 34% of all closings are cash, suggesting a high level of investor participation in the current market.
Short Sale supply exceeds Short Sale demand by a factor of 6.8 (see Months Supply). Months Supply is declining in very small stepson a monthly basis. Market Speed is slow and Percent Selling depressed, while escrow inventory remains at high levels. Observe that CDOM is elevated when compared to REO/Standard. These factors continue to support anecdotal reports of an inefficient closing process. Short Sale prices are currently steady, however, future price declines are expected (see Median In Escrow Price).
Las Vegas Real Estate & Short Sale Market Report: 12/02/09
Posted by: | CommentsThis is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of December 2, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
- Available – 8,478 (-110 , Last Week 8,588)
- Under Contract – 11,436 (-223 , Last Week 11,659)
- Days of Supply – 22 (+0 , Last Week 22)
- Short Sales – 10,704 (+8 , Last Week 10,696)
Condominiums and Town Homes (CONDO/TH)
- Available – 1,943 (-19 , Last Week 1,962)
- Under Contract – 2,702 (-89 , Last Week 2,791)
- Days of Supply – 22 (+1 , Last Week 21)
- Short Sales – 2,645 (-19 , Last Week 2,664)
Combined SFR + CONDO/TH
- Available – 10,421 (-129 , Last Week 10,550)
- Under Contract – 14,138 (-312 , Last Week 14,450)
- Days of Supply – 22 (+0 , Last Week 22)
- Short Sales – 13,349 (-11 , Last Week 13,360)
Las Vegas Real Estate and Short Sale Market Report: 11/18/09
Posted by: | CommentsHere is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of November 18, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
Available – 8,470 (+143 , Last Week 8,327)
Under Contract – 11,812 (+12 , Last Week 11,800)
Days of Supply – 22 (+1 , Last Week 21)
Short Sales – 10,649 (+117 , Last Week 10,532)
Condominiums and Town Homes (CONDO/TH)
Available – 1,970 (-4 , Last Week 1,974)
Under Contract – 2,790 (-16 , Last Week 2,806)
Days of Supply – 21 (+0 , Last Week 21)
Short Sales – 2,643 (+2 , Last Week 2,641)
Combined SFR + CONDO/TH
Available – 10,440 (+139 , Last Week 10,301)
Under Contract – 14,602 (-4 , Last Week 14,606)
Days of Supply – 21 (+0 , Last Week 21)
Short Sales – 13,292 (+119 , Last Week 13,173)
Las Vegas Real Estate Market Report, Short Sale Statistics : 11/04/09
Posted by: | CommentsThis is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of November 4, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
Available – 8,233 (-5 , Last Week 8,238)
Under Contract – 11,749 (-299 , Last Week 12,048)
Days of Supply – 21 (+0 , Last Week 21)
Short Sales – 10,444 (-20 , Last Week 10,464)
Condominiums and Town Homes (CONDO/TH)
Available – 1,996 (-98 , Last Week 2,094)
Under Contract – 2,757 (-95 , Last Week 2,852)
Days of Supply – 22 (+0 , Last Week 22)
Short Sales – 2,615 (-89 , Last Week 2,704)
Combined SFR + CONDO/TH
Available – 10,229 (-103 , Last Week 10,332)
Under Contract – 14,506 (-394 , Last Week 14,900)
Days of Supply – 21 (+0 , Last Week 21)
Short Sales – 13,059 (-109 , Last Week 13,168)
Las Vegas Real Estate Market Report: 09/23/09
Posted by: | CommentsHere is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of September 23, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
Available – 8,442 (-19 , Last Week 8,461)
Under Contract – 11,868 (+104 , Last Week 11,764)
Days of Supply – 21 (-1 , Last Week 22)
Short Sales – 10,138 (+113 , Last Week 10,025)
Condominiums and Town Homes (CONDO/TH)
Available – 2,533 (-55 , Last Week 2,588)
Under Contract – 2,863 (+25 , Last Week 2,838)
Days of Supply – 27 (+0 , Last Week 27)
Short Sales – 2,765 (+31 , Last Week 2,734)
Combined SFR + CONDO/TH
Available – 10,975 (-74 , Last Week 11,049)
Under Contract – 14,731 (+129 , Last Week 14,602)
Days of Supply – 22 (-1 , Last Week 23)
Short Sales – 12,903 (+144 , Last Week 12,759)
Las Vegas Real Estate Market Report: 09/09/09
Posted by: | Comments
Las Vegas Real Estate Market Report: 09/09/09
This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of September 9, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
- Available – 8,636 (-56 , Last Week 8,692)
- Under Contract – 11,442 (+188 , Last Week 11,254
- Days of Supply – 23 (+0 , Last Week 23)
- Short Sales – 9,897 (+133 , Last Week 9,764)
Condominiums and Town Homes (CONDO/TH)
- Available – 2,660 (-38 , Last Week 2,698)
- Under Contract – 2,764 (+38 , Last Week 2,726)
- Days of Supply – 29 (-1 , Last Week 30)
- Short Sales – 2,703 (+22 , Last Week 2,681)
Combined SFR + CONDO/TH
- Available – 11,296 (-94 , Last Week 11,390)
- Under Contract – 14,206 (+226 , Last Week 13,980)
- Days of Supply – 24 (+0 , Last Week 24)
- Short Sales – 12,600 (+155 , Last Week 12,445)
Las Vegas Real Estate Market Report for 9-2-09
Posted by: | CommentsLas Vegas Real Estate Market Report: 09/02/09
This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors).
For the week of September 2, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
- Available – 8,692 (-113 , Last Week 8,805)
- Under Contract – 11,254 (-143 , Last Week 11,397)
- Days of Supply – 23 (+0 , Last Week 23)
- Short Sales – 9,764 (+50 , Last Week 9,714)
Condominiums and Town Homes (CONDO/TH)
- Available – 2,698 (-43 , Last Week 2,741)
- Under Contract – 2,726 (+44 , Last Week 2,682)
- Days of Supply – 30 (-1 , Last Week 31)
- Short Sales – 2,681 (+44 , Last Week 2,637)
Combined SFR + CONDO/TH
- Available – 11,390 (-156 , Last Week 11,546)
- Under Contract – 13,980 (-99 , Last Week 14,079)
- Days of Supply – 24 (-1 , Last Week 25)
- Short Sales – 12,445 (+94 , Last Week 12,351)
Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?
Contact us for a free consultation regarding your options – there are solutions!
Call 702 – 497-7705
