Las Vegas Weekly Real Estate Snaphot 12/24/2007
The Market is Fighting! New pending transactions continue to increase despite this beign the slowest point of the real estate calendar. We have to go back to September 23 to find as many pending transactions in the market. The Pending Index, a real-time indicator of market activity is at its highest point since August 13. This activity suggests a brighter future in terms of transactions. January will be the telling month if this new activity can be sustained. There is a 60 day window to buy homes before loan costs increases due to new Fannie Mae and Freddie Mac costs are implemented in early March. How about prices? 2 weeks from now we will see how nice December was for the medians in my Average Joe Median Index. I forsee a continued decline in values for the coming 1st half of 2008. It’ll take at least that long to absorb some of the bank repos on or coming on the market. Click on the Title to get this weeks Market Snapshot
